Metallica Bearings, Incorporated, is a young startup company. No dividends will be paid on the...
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Metallica Bearings, Incorporated, is a young startup company. No dividends will be paid on the stock over the next 7 years because the firm needs to plow back its earnings to fuel growth. The company will then pay a dividend of $15.50 per share 8 years from today and will increase the dividend by 6 percent per year, thereafter. If the required return on this stock is 14 percent, what is the current share price? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16
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