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On February 15, 2015, AXP Co declared an annual dividend of $1.0. On February 15, 2020, the company declared an annual dividend of $1.25. Assume

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On February 15, 2015, AXP Co declared an annual dividend of $1.0. On February 15, 2020, the company declared an annual dividend of $1.25. Assume a risk-free rate of 2.5% per year and a risk premium of 5% per year. The beta for AXP is 1.5. Estimate the price of AXP on February 15, 2020, based on the constant dividend growth model. Assume CAPM for expected returns

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