Question: No excel; use formulas and step-by-step explanations. 15. Differential Growth Synovec Co. is growing quickly. Dividends are expected to grow at a rate of 30

No excel; use formulas and step-by-step explanations.

15. Differential Growth Synovec Co. is growing quickly. Dividends are expected to grow at a rate of 30 percent for the next three years, with the growth rate falling off to a constant 4 percent thereafter. If the required return is 10 percent, and the company just paid a dividend of $2.65, what is the current share price?

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