Consolidated Software doesn't currently pay any dividends but is expected to start doing so in 4 years That is. Consolidated will go 3 more years without paying any dividends and then is expected to pay its first dividend (of $ 1 48 per share) m the fourth year Once the company starts paying divnend:. ifs expected to continue to do so The company is expected to have a dvidend payout ratio of 38% and to maintain a return on equity of 22%. Based on the DVM, and given a required rate of return of 17%. what is the maximum pnce you should be wiling to pay for this stock today