A stock is expected to pay the following dividends 100 4


A stock is expected to pay the following dividends: $1.00 4 years from now, $1.65 5 years from now, and $1.95 6 years from now, followed by growth in the dividend of 7% per year forever after that point. There will be no dividends prior to year 4. The stock's required return is 14%. The stock's current price (Price at year 0) should be $____________. Do not round any intermediate work, but round your final answer to 2 decimal places (ex: 12.34567 should be entered as 12.35).

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Financial Management: A stock is expected to pay the following dividends 100 4
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