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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 $2.50.

The Wayne Corporation expects to have a changing dividend policy over the next few years starting with the dividend that they just paid of $2.50. In the following year their dividend will grow by 14.6% and in the year after by 21.3%. Following that they expect their dividends to continue growing at a constant rate of 4.9% forever. If the required rate of return for Wayne is 9.7% per year, what is the price today of Wayne shares? Answer to the nearest penny

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