Question: Problem 7-19 Negative Growth [LO 1] Antiques R Us is a mature manufacturing firm. The company just paid a dividend of $11.20, but management expects

Problem 7-19 Negative Growth [LO 1]

Antiques R Us is a mature manufacturing firm. The company just paid a dividend of $11.20, but management expects to reduce the payout by 5.25 percent per year, indefinitely.

If you require a return of 12 percent on this stock, what 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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