Question: Marcel Co. is growing quickly. Dividends are expected to grow at a rate of 0.07 for the next 4 years, with the growth rate falling

Marcel Co. is growing quickly. Dividends are expected to grow at a rate of 0.07 for the next 4 years, with the growth rate falling off to a constant 0.05 thereafter. If the required return is 0.09 and the company just paid a $0.94 dividend, what is the current share price? Answer with 2 decimals (e.g. 45.45)

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