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Marcel Co. is growing quickly. Dividends are expected to grow at a 23 percent rate...

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Finance

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Marcel Co. is growing quickly. Dividends are expected to grow at a 23 percent rate for the next 3 years, with the growth rate reducing to only a constant 7 percent thereafter. Required: If the required return is 11 percent and the company just paid a $2.30 dividend, what is the current share price? Note: since the dividend at time 0 of $2.30 has just been paid, do not include it in the price at time 0. (Do not round your intermediate calculations.)

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