Problem 8-32 Non-Constant Growth (LO1) Holyrood Co. just paid a dividend of $1.25 per share. The company will increase its dividend by 24% next year and will then reduce its dividend growth rate by 6 percentage points per year until it reaches the industry average of 6% dividend growth, after which the company will keep a constant growth rate forever. If the required return on Holyrood stock is 10%, what will a share of stock sell for today? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Stock price $ 53.4