Question: I tried 135.70 but that is not correct. Problem 8-31 Stock Valuation and PE (LO2] Perine, Inc., has balance sheet equity of $5.9 million. At

I tried 135.70 but that is not correct. Problem 8-31 Stock

I tried 135.70 but that is not correct.

Problem 8-31 Stock Valuation and PE (LO2] Perine, Inc., has balance sheet equity of $5.9 million. At the same time, the income statement shows net income of $885,000. The company paid dividends of $473,475 and has 150,000 shares of stock outstanding. If the benchmark PE ratio is 23, what is the target stock price in one year? Assume the firm will grow at the sustainable growth rate. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Target stock price

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