q5

The company will start with an annual dividend of $10 at the end of year 3 and will pay the same amount each year until year 10. Thereafter, it will increase the dividends by 3% per year forever. If the required rate of return on this stock is 9%, what is the price of this stock today? Do not use the \$sign. Use commas to separate thousands. DO NOT USE to decimals. Round to the nearest cent. For example if you obtain $1,432.728 then enter 1432.72 ; if you obtain $432 then enter 432.00