Question: Please show calculations and steps, would rather excel be not used Pearl Inc. has a patent that will expire in two years. The firm is

 Please show calculations and steps, would rather excel be not used

Please show calculations and steps, would rather excel be not used

Pearl Inc. has a patent that will expire in two years. The firm is expected to grow at 9.2 percent for the next two years and dividends will be paid at year end. It just paid a dividend of $1. After two years, the growth rate will decline to 3.2 percent immediately, and the firm will grow at this rate forever. If the required rate of return is 11 percent, value the firm's current share price. (Round intermediate calculations to 4 decimal places, e.g.1.1712 and the final answer to 2 decimal places, e.g. 45.17.)

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