Question: 6 Doo 2.5 points A stock will pay a dividend of $2.8 exactly one year from now. You expect dividends to grow at 16% for

6 Doo 2.5 points A stock will pay a dividend of

6 Doo 2.5 points A stock will pay a dividend of $2.8 exactly one year from now. You expect dividends to grow at 16% for the following 2 years and then a constant 3.5% every year thereafter. If the stock's required rate of return is 10.6%, what is a fair price for the stock today? Round your answer to the nearest penny. Type your

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