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Apples Inc. is starting a new project. It plans to manufacture new type of i-Phones...

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Finance

Apples Inc. is starting a new project. It plans to manufacture new type of i-Phones that have a 3D screen effect. It expects these phones to be a great success and bring rapidly growing profits in the first few years. After that, it expects the competition from other phone companies to kick in which will reduce the growth of annual profits. The dividends on Apples' shares will be growing accordingly. Here is the exact schedule of expected future dividends:

Most recently paid dividend is $2

Expected annual growth rate of dividends for the first 3 years is 40%

Expected annual growth rate of dividends after that is 12%

Discount rate for this company is 17%

Calculate the price per share of stock of Apples Inc.

Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher. Only round your final answer to TWO decimal places: for example, 100.23. DO NOT put "$" in your answer.

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