Price shares Chevron Corp$$s stock using a one$-$stage dividend discount model. First, use dividends per share to estimate share price. Note that number of shares outstanding $=$ number of shares issued $$ treasury stock. Use cost of equity estimate of $11\mathrm{.}46$ percent from previous chapter; terminal growth rate of $2$ percent. Other information is as follows $($all numbers in millions$)$:

Chevron Corp $2015201420132012$

cash dividends $-$ common stock $(7,992)(7,928)(7,474)(6,844)$

net purchases of treasury shares $+211(4,412)(4,494)(4,142)$

number of shares issued $2,4432,4432,4432,443$

treasury stock $560563529496$

Chevron stock traded at $$102\mathrm{.}04$ when I put this handout together in $2014.$