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Marcel Co. is growing quickly. Dividends are expected to grow at a 22 percent rate for the next 3 years, with the growth rate falling
Marcel Co. is growing quickly. Dividends are expected to grow at a 22 percent rate for the next 3 years, with the growth rate falling off to a constant 6 percent thereafter. If the required return is 10 percent and the company just paid a $1.30 dividend, the current share price is $__________. (Do not include the dollar sign ($). Round your answer to 2 decimal places. (e.g., 32.16))
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