Problem $8-7$ Stock Valuation $[$LO$1]$

Hailey Corporation pays a constant $$6\mathrm{.}95$ dividend on its stock. The company will maintain this dividend for the

next $12$ years and will then cease paying dividends forever. If the required return on this stock is $10$ percent,

what is the current share price?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

Current share price