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Drof's silver reserves are being depleted, so its sales arefalling. Also, because its pit is getting deeper each year, itscosts are rising. As a result, the company's earnings and dividendsare declining at the constant rate of 5% per year.If the currentdividend is $6 per share and the investor's required rate of returnis 13%, what is the value of Drof's stock?Answer: $31.67Please show all work and formulas used for a financialcalculator, not excel.
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