Question: Automatic Data Processing Inc. ( ADP ) , an information technology firm, has experienced abnormal growth. The company anticipates that it will grow at an

Automatic Data Processing Inc. (ADP), an information technology
firm, has experienced abnormal growth. The company anticipates
that it will grow at an abnormal rate of 24% for the next three years.
After that, the growth rate will drop to match the industry's constant
growth rate of 6%. If investors require 18% return and the firm's
dividend per share is expected to be $3(DIV1=$3), what should be
ADP's stock price?
Stock price =$
 Automatic Data Processing Inc. (ADP), an information technology firm, has experienced

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