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Metallica Bearings, Incorporated, is a young start-up company. No dividends will be paic on the stock over the next nine years because the firm needs
Metallica Bearings, Incorporated, is a young start-up company. No dividends will be paic on the stock over the next nine years because the firm needs to plow back its earnings t fuel growth. The company will pay a dividend of $14 per share 10 years from today and wil increase the dividend by 3.9 percent per year thereafter. If the required return on this stock is 11.5 percent, what is the current share price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct
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