Thirsty Cactus Corp. just paid a dividend of $1.30 per share. The dividends are expected to grow at 23 percent for the next eight years and then level off to a growth rate of 6 percent indefinitely. If the required return is 12 percent, what is the price of the stock today? (Round your answer to 2 decimal places. (e.g., 32.16)) (ch.8 hw)

please explain answer..

Stock price

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