Question: Hall & Marks is expected to pay a $3.00 per share dividend at the end of the year (that is, D 1 = $3.00). The

Hall & Marks is expected to pay a $3.00 per share dividend at the end of the year (that is, D₁ = $3.00). The dividend is expected to grow at a constant rate of 4% a year. The required rate of return on the stock, r_s, is 8%.

What is the stock's current value per share?

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