Quick Question:

Schiller Corporation will pay a $2.86 per share dividend next year. The company pledges to increase its dividend by 3.5 percent per year, indefinitely. If you require a return of 10 percent on your investment, how much will you pay for the companys stock today?(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Stock price

$