The growth rate in dividends is expected to be constant

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Shark Inc. just paid a dividend of $3.00 on its stock. The growth rate in dividends is expected to be a constant 4 percent per year indefinitely. Investors require a return of 11 percent for the first three years, a return of 9 percent for the next three years, and a return of 7 percent thereafter. What is the current share price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Reference no: EM131316272

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