What is the current selling price of the stock

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Reference no: EM131329183

Hill Propane Distributors sells propane gas throughout the eastern half of Texas. Because of population growth and a construction boom in recent years, the company has prospered and expects to continue to do well in the near term. The company will pay a $0.75 per-share dividend to investors one year from now.

Investors believe that Hill Propane will increase that dividend at 15 percent per year for the subsequent five years, before settling down to a long-run dividend growth rate of 3 percent.

Investors expect an 8 percent return on Hill Propane common shares. What is the current selling price of the stock?

Reference no: EM131329183

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