Moriband Corp. paid a dividend of $2.19 yesterday. The company's dividend is expected to grow...
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Moriband Corp. paid a dividend of $2.19 yesterday. The company's dividend is expected to grow at a steady rate of 5 percent for the foreseeable future. If investors in stocks of companies like Moriband require a rate of return of 21.5 percent, what should be the market price of Moriband stock?(Round dividend to 3 decimal places, e.g. 3.756 and round final answer to 2 decimal places, e.g. 15.20.)
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