Question: pls work this out and explain how to do each step. please not on excel. Stoneworks, Inc, has an odd dividend policy. The company has

pls work this out and explain how to do each step. please not on excel.

Stoneworks, Inc, has an odd dividend policy. The company has just paid a dividend of $15 per share and has announced that it will increase the dividend by $3 per share for each of the next five years, and then never pay another dividend. II you require a return of 11 percent on the company's stock, how much will you pay for a share today? (Do not round intermediate. calculations and round your answer to 2 decimal places, e.g. 32.16.)

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