Three Corners Markets paid an annual dividend of $1.82 a share last month. Today, the company announced that future dividends will be increasing by 2.4 percent annually. If you require a return of 11.5 percent, how much are you willing to pay to purchase one share of this stock today? (Do not round intermediate calculations and round your answer

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter7: Common Stock: Characteristics, Valuation, And Issuance
Section: Chapter Questions
Problem 13P
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Three Corners Markets paid an annual dividend of $1.82 a share last month. Today, the company announced that future dividends will be increasing by 2.4 percent annually. If you require a return of 11.5 percent, how much are you willing to pay to purchase one share of this stock today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) 

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