What is the price of the stock today

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Impossible Corporation just paid a dividend of $2.60 per share. The dividends are expected to grow at 18 percent for the next eight years and then level off to a growth rate of 3' percent indefinitely. If the required return is 13 percent, what is the price of the stock today? [Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.]

Reference no: EM133115051

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