Question $19$

A company follows a dividend policy that raises dividends annually at a rate of $3\%($and expects this rate to go forever$).$ The company just paid an annual dividend of $$3\mathrm{.}08.$ The required rate of return is $16\%.$

What is today's stock price?

For your answer round to the nearest $2$ decimals. Do not use the $ sign in your answer. For example, if the answer is $$3\mathrm{.}237$ enter your answer as $3\mathrm{.}24$; Do not enter it as $$3\mathrm{.}237,$ $$3\mathrm{.}2,3\mathrm{.}2,$ or $3\mathrm{.}237$