Question $7(7$ points$)$

Pharsalus Inc. just paid a dividenc$($i$.$e$.,$ DO$)$ of $$4\mathrm{.}50$ per share. This dividend is expected to grow at a rate of $8\mathrm{.}5$ percent per year forever. The appropriate discount rate for Pharsalus's stock is $11\mathrm{.}9$ percent. What is the price of the stock? $($Round your answer to $2$ decimal places and record your answer without dollar sign or commas$).$

Your Answer:

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Answer