Question: Problem 7-16 Nonconstant Dividends [LO 1] Hot Wings, Inc., has an odd dividend policy. The company has just paid a dividend of $10.35 per share

Problem 7-16 Nonconstant Dividends [LO 1] Hot Wings, Inc., has an odd dividend policy. The company has just paid a dividend of $10.35 per share and has announced that it will increase the dividend by $9.50 per share for each of the next four years, and then never pay another dividend. Required: If you require a return of 12 percent on the company's stock, how much will you pay for a share today? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Current share price

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