Bretton, Inc., just paid a dividend of $3.50 on its stock. The growth rate in...
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Bretton, Inc., just paid a dividend of $3.50 on its stock. The growth rate in dividends is expected to be a constant 5 percent per year, indefinitely. Investors require a return of 13 percent on the stock for the first three years, a rate of return of 11 percent for the next three years, and then a return of 9 percent thereafter.
What is the current share price for the stock? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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