Courses X Question 10 - Chapter 7 Homewc X + V X -> C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fualearn.blackboard.com%252Fweb... L J . . . Chapter 7 Homework i Saved Help Save & Exit Submit Check my work 10 Phoenix Industries has pulled off a miraculous recovery. Four years ago it was near bankruptcy. Today, it announced a $1 per share dividend to be paid a year from now, the first dividend since the crisis. Analysts expect dividends to increase by $1 a year for another 2 years. After the third year (in which dividends are $3 per share), dividend growth is expected to settle down to a more moderate long- 10 term growth rate of 8%. If the firm's investors expect to earn a return of 16% on this stock, what must be its price? points Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Skipped Current price eBook Print References Mc Graw Hill Type here to search e 11:53 AM m 66.F Sunny 10/14/2022