Question: Phillips Co. is growing quickly. Dividends are expected to grow at a rate of 26 percent for the next three years, with the growth rate

Phillips Co. is growing quickly. Dividends are expected to grow at a rate of 26 percent for the next three years, with the growth rate falling off to a constant 6 percent thereafter. If the required return is 12 percent and the company just paid a dividend of $1.90, what is the current share price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Current share price $

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