. . . . ILL Calibri 11 A A % PE A Paste BIU- A- Alignment Number Cells Editing Conditional Format as Cell Formatting Table Styles Styles Clipboard Font 19 fx D E F G H I J K 3 Maloney, Inc., has an odd dividend policy. The company has just paid a dividend of $3.50 per share and has announced that it will increase the dividend by $4.50 per share for each of the next five years, and then never pay another dividend. If you require a return of 11 percent on the company's stock, how much will you pay for a share today? 4 5 6 $ Current dividend Dividend growth Required return A 6 7 3.50 4.50 11% 8 9 10 11 Complete the following analysis. Do not hard code values in your calculations. 12 13 Dividend 14 15 Year 1 2 3 4 16 17 18 5 19 Share price 20 21 22 Sheet1 READY 100% 11