Holyrood Co. just paid a dividend of $1.35 per share. The company will increase its...
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Holyrood Co. just paid a dividend of $1.35 per share. The company will increase its dividend by 24% next year and will then reduce its dividend growth rate by 6 percentage points per year until it reaches the industry average of 6% dividend growth, after which the company will keep a constant growth rate forever. If the required return on Holyrood stock is 12%, what will a share of stock sell for today? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)
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