Stock price-normally pays an annual dividend

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JBK, Inc., normally pays an annual dividend. The last such dividend paid was $2.30, all future dividends are expected to grow at 5 percent, and the firm faces a required rate of return on equity of 11 percent. If the firm just announced that the next dividend will be an extraordinary dividend of $16.80 per share that is not expected to affect any other future dividends, what should the stock price be? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Stock price?

Reference no: EM131312439

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