The S.P Whitman Company has just paid a dividend of $1.00. The dividend growth rate is expected to be constant at 10% for the first 3 years, after which dividends are expected to grow at a rate of 6% forever. If r_s=15% for the first 3 years and r_s=10% thereafter, then what is the stock price today (P₀)?

Question 37 options:

	$25.94
	$24.61
	$27.74