Question: Consider a firm that had been priced using a 12.5 percent growth rate and a 14.5 percent required return. The firm recently paid a $2.20

Consider a firm that had been priced using a 12.5 percent growth rate and a 14.5 percent required return. The firm recently paid a $2.20 dividend. The firm has just announced that because of a new joint venture, it will likely grow at a 13.0 percent rate. How much should the stock price change (in dollars and percentage)? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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