Question: A firm does not pay a dividend. It is expected to pay its first dividend of $0.24 per share in three years. This dividend will

A firm does not pay a dividend. It is expected to pay its first dividend of $0.24 per share in three years. This dividend will grow at 8 percent indefinitely. Use a 9 percent discount rate.

Compute the value of this stock. (Round your answer to 2 decimal places.)

Stock value

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