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Synovec Co . is growing quickly. Dividends are expected to grow at a rate of 3 0 percent for the next three years, with the

Synovec Co. is growing quickly. Dividends are expected to grow at a rate of 30 percent
for the next three years, with the growth rate falling off to a constant 5 percent
thereafter. If the required return is 11 percent, and the company just paid a dividend of
$2.80, what is the current share price? (Do not round intermediate calculations and
round your answer to 2 decimal places, e.g.,32.16.)
Current share price
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