Marcel Co. is growing quickly. Dividends are expected to grow at a 21 percent rate for the next 3 years, with the growth rate falling off to a constant 5 percent thereafter.

Required:

If the required return is 12 percent and the company just paid a $3.00 dividend. what is the current share price? (Do not round your intermediate calculations.)

$65.92

$63.49

$68.61

$67.27

$61.19