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Saks is expected to pay a dividend in year 1 of $2.10, a dividend in...

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Finance

Saks is expected to pay a dividend in year 1 of $2.10, a dividend in year 2 of $2.42, and a dividend in year 3 of $2.99. After year 3, dividends are expected to grow at the rate of 8% per year. An appropriate required return for the stock is 11%.

What should the stock price be worth after three years? (Do not round intermediate calculations. Round your answer to 4 decimal places.)

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