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Quantitative Problem 3: Assume today is December 31 , 2017. Imagine Works Inc. just paid...

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Quantitative Problem 3: Assume today is December 31 , 2017. Imagine Works Inc. just paid a dividend of 51.25 per share at the end of 2017 . The dividend is expected to grow at 18% per year for 3 years, after which time is is expected to grow at a constant rate of 5% annually. The company's cost of equity (r) is 9.5%. Using the dividend growth model (allowing for nonconstant growth), what should be the price of the conpany's stock today (December 31,2017) ? Round your answer to the nearest cent. Do not round intermediate calculations. per share

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