Problem:
Universal Laser, Inc. just paid a dividend of $3.10 on its stock. The growth rate in dividends is expected to be a constant 6 percent per year, indefinitely. Investors require a 15 percent return on the stock for the first three years, a 13 percent return for the next three years, and then an 11 percent return thereafter.
Required:
Question: What is the current share price for the stock?
Note: Please show the work not just the answer.