Marcel Co. is growing quickly. Dividends are expected to grow at a 20 percent rate for the next 3 years, with the growth rate falling off to a constant 6 percent thereafter. Required: If the required return is 11 percent and the company just paid a $2.90 dividend. what is the current share price? (Do not round your intermediate calculations.)

rev: 09_18_2012

$87.87

$89.63

$80.17

$84.20

$86.11