On December 31, 2022, General Motors paid an annual dividend per share of $0.20. They also announced on the same day that they will reduce their dividend to $.10 per share next year. Today is January 1st, 2023. You expect this future dividend payment to remain stable for the next four years and to increase by 1% afterwards in perpetuity. The cost of equity capital (discount rate) for General Motors is 9%. What should be the stock price of General Motors based on these dividend forecasts? Round your final answers to the nearest cent.

On December 31,2022 , General Motors paid an annual dividend per share of $0.20. They also announced on the same day that they will reduce their dividend to $.10 per share next year. Today is January 1th,2023. You expect this future dividend payment to remain stable for the next four years and to increase by 1% afterwards in perpetuity. The cost of equity capital (discount rate) for General Motors is 9%. What should be the stock price of General Motors based on these dividend forecasts? Round your final answers to the nearest cent