Staal Corporation will pay a $3.40 per share dividend next year. The company to increase its dividend by 4.5% per year indefinitely. If you require a return of 11% on your investment, how much will you pay for the company's stock today?
Dividend next year $3.40
Dividend growth rate 4.5%
Required Return 11%
Complete the following analysis. Do not hardcode values in your calculations.
Price = ?