Staal Corporation will pay a $3.18 per share dividend next year. The company pledges to increase its dividend by 5.5 percent per year indefinitely. If you require a return of 10 percent on your investment, how much will you pay today for one share of the company's stock? (Round your answer to 2 decimal places. (e.g., 32.16)) NOTE: Dividends are payments made to shareholders. In general the payments are assumed to be quarterly unless otherwise stated (as in this problem). In this problem the dividend is annual and grows at a constant rate in perpetuity. Stock price

Staal Corporation will pay a $3.18 per share dividend next year. The company pledges to increase its dividend by 5.5 percent per year indefinitely. If you require a return of 10 percent on your investment, how much will you pay today for one share of the company's stock? (Round your answer to 2 decimal places. (e.g., 32.16)) NOTE: Dividends are payments made to shareholders. In general the payments are assumed to be quarterly unless otherwise stated (as in this problem). In this problem the dividend is annual and grows at a constant rate in perpetuity