$($similar to$)$

HW Score: $0\%,0$ of $3$ points

Points: $0$ of $1$

$($Common stock valuation$)$ Herrera Motor Inc. paid a $$3\mathrm{.}50$ dividend last year. At a constant growth rate of $3$ percent, what is the value of the common stock if the investors require a rate of return of $18$ percent?

The value of the Herrera Motor common stock is $ $($Round to the nearest cent.$)$