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We'Re In Stock Inc. has just announced its plans to pay a $5.4 dividend on...

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Finance

We'Re In Stock Inc. has just announced its plans to pay a $5.4 dividend on each share of its stock in one year. The company managers announced to their investors of their plan to continue growing which would allow the company to pay future dividends that will be increasing at a stable 4.9% annual rate. The required rate of return for this company is 9%.

Calculate what today's stock price should be.

Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher. Only round your final answer to TWO decimal places: for example, 1,000.23. Do NOT use "$" in your answer.

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