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Maloney, Inc., has an odd dividend policy. The company has just paid a dividend of $2.02 per share and has announced that it will increase
Maloney, Inc., has an odd dividend policy. The company has just paid a dividend of $2.02 per share and has announced that it will increase the dividend by $1.02 per share for each of the next five years, and then never pay another dividend. If you require a return of 4.52 percent on the companys stock, how much will you pay for a share today? Omit the $ dollar sign and commas. Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16).
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