Question: Marcel Co. is growing quickly. Dividends are expected to grow at a rate of 0.17 for the next 4 years, with the growth rate

Marcel Co. is growing quickly. Dividends are expected to grow at a

Marcel Co. is growing quickly. Dividends are expected to grow at a rate of 0.17 for the next 4 years, with the growth rate falling off to a constant 0.02 thereafter. If the required return is 0.07 and the company just paid a $0.54 dividend, what is the current share price? Answer with 2 decimals (e.g. 45.45).

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