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P5-14 11 point No credit will be given if work is not shown Highlight or bold your a One year from today, investors anticipate that
P5-14 11 point No credit will be given if work is not shown Highlight or bold your a One year from today, investors anticipate that Groningen Distillers Inc. stock will pay a dividend of $3.25 per share. After that, investors believe the dividend will grow at 20% per year for three years before settling down to a long-run growth rate of 4%. The required rate of return on Groningen ste 15% What is the current stock price? (Show your work. Label S. Two decimal places required.) 5
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