ment: Chapter 8 Assignment Score: 0.00% Save Submit Assignment for Grading mas Problem 8-05 (Nonconstant Growth Valuation) Question 4 of 13 Check My Work eBook Nonconstant Growth Valuation A company currently pays a dividend of $3 per share (Do = $3). It is estimated that the company's dividend will grow at a rate of 24% per year for the next 2 years, and then at a constant rate of 7% thereafter. The company's stock has a beta of 1.4, the risk-free rate is 8.5%, and the market risk premium is 5%. What is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent. Check My Work