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Last year, XYZ Company paid a dividend of $1.65. It expects zero growth in the next two years. In years 3 and 4, a 3%

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Last year, XYZ Company paid a dividend of $1.65. It expects zero growth in the next two years. In years 3 and 4, a 3% growth is expected, and in year 5, a 6% growth is expected. In year 6 and thereafter, growth should remain constant at 5% per year for the forseable future. What is the maximum price per share that an investor who requires a return of 13% should pay for this stock

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