Question $24$

$4$ pts

Kinard's Kennels Inc. ROE is $20\%.$ Their retention ratio is $60\%.$ The last dividend, just paid, was $$2\mathrm{.}00.$ If dividends are expected to grow by the company's internal growth rate indefinitely, what is the current value of Kinard's common stock if its required return is $18\%?$

$$21\mathrm{.}79$

$$46\mathrm{.}89$

$$37\mathrm{.}33$

$$57\mathrm{.}00$