Premier, Incorporated, has an odd dividend policy. The company has just paid a dividend of $8 per share and has announced that it will increase the dividend by $6 per share for each of the next five years, and then never pay another dividend. If you require a return of 11 percent on the company's stock, how much will you pay for a share today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Current share price F2 W S X 36 mand #3 80 F3 E D OCT 11 C 54 $ (of Q F4 R F % 5 V tv F5 T A * 00 8 J DII F8 1 M CHUNGMEGFINALE 9 K F9 O 96 ) 0 L KOOS F1

Premier, Incorporated, has an odd dividend policy. The company has just paid a dividend of $8 per share and has announced that it will increase the dividend by $6 per share for each of the next five years, and then never pay another dividend. If you require a return of 11 percent on the company's stock, how much will you pay for a share today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)