Synovec Company is growing quickly. Dividends are expected to grow at a rate of 16 percent for the next 3 years, with the growth rate falling off to a constant 5 percent thereafter.

If the required return is 8 percent and the company just paid a $1.30 dividend. what is the current share price?

Multiple Choice

$59.67

$62.10

$59.27

$56.71

$60.89