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Stock analysts believe that Bryson Corporation will not be able to pay a dividend until three years from today at which time the company is
Stock analysts believe that Bryson Corporation will not be able to pay a dividend until three years from today at which time the company is expected to pay a dividend of $1.20 per share. After that first payment, dividends are expected to grow at 15% per year for the next four years. After that time period, the dividend growth rate is expected to be 4% indefinitely. If the market required return for equity in Bryson is 14%, what should be todays stock price? (Do not round interim calculations; show your answer in dollars and cents.)
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