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The Wayne Corporation expects to have a changing dividend policy over the next few years starting with the dividend that they just paid of $7.23.

The Wayne Corporation expects to have a changing dividend policy over the next few years starting with the dividend that they just paid of $7.23. In the following year their dividend will grow by 15.1% and in the year after by 15.4%. Following that they expect their dividends to continue growing at a constant rate of 5.7% forever. If the required rate of return for Wayne is 15.7% per year, what is the price today of Wayne shares? Answer to the nearest penny.

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