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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 $7.16.

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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 $7.16. In the following year their dividend will grow by 21.4% and in the year after by 11.5%. Following that they expect their dividends to continue growing at a constant rate of 4.1% forever. If the required rate of return for Wayne is 9.8% per year, what is the price today of Wayne shares? Answer to the nearest penny

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