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3 Check my work 19 Phoenix Industries has pulled off a miraculous recovery. Four years ago it was near bankruptcy. Today, it announced a $3 per share dividend to be paid a year from now, the first dividend since the crisis. Analysts expect dividends to increase by $1 a year for another 2 years. After the third year (in which dividends are $5 per share) dividend growth is expected to settle down to a more moderate long- term growth rate of 6%. If the firm's investors expect to earn a return of 16% on this stock, what must be its price? (Do not round intermediate calculations. Round your answer to 2 decimal places.) 5 points 8 02:41:29 Current price Skipped eBook References