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The Jackson-Timberlake Wardrobe Co. just paid a dividend of $0.80 per share on its stock. The dividends are expected to grow at a constant rate
The Jackson-Timberlake Wardrobe Co. just paid a dividend of $0.80 per share on its stock. The dividends are expected to grow at a constant rate of 4 percent per year indefinitely. If investors require a 13 percent return on The Jackson-Timberlake Wardrobe Co. stock, what is the current price? Answer with 2 decimals (e.g. 10.12).
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