Question: Coca Cola has never paid a dividend to date. The company just issued a press release stating that one quarter from today it will pay

Coca Cola has never paid a dividend to date. The company just issued a press release stating that one quarter from today it will pay a quarterly dividend of $2.40. Coca Cola also stated that dividends are expected to increase by 4.2% per quarter up to and including 3 years from now. After 3 years they will reduce the growth rate in dividends to 2.2% per quarter forever. The required rate of return on Coca Cola is 24% per year with quarterly compounding. What is the stock price? Round your answer to the nearest penny.

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