Pfender Guitars has a current annual cash dividend policy of

$4.00. The price of the stock is set to yield a return of 10%.

What is the price of this stock today if the dividend will be paid for

11years (constant dividend) and the stock is sold in year 14 for

$35?

The investment will pay an annual cash dividend of

$4.00 for 11 years then receive $35 from selling the stock at the end of year 14.The price of the stock is set to yield a return of

10%.

The price today is?

(Round to the nearest cent.)