Problem $8-9$ Stock Valuation and Required Return $[$LO$1]$

Red, Incorporated, Yellow Corporation, and Blue Company each will pay a dividend of

$$2\mathrm{.}35$ next year. The growth rate in dividends for all three companies is $4$ percent. The

required return for each company's stock is $6$ percent, $9$ percent, and $12$ percent,

respectively. What is the stock price for each company? $($Do not round intermediate

calculations and round your answers to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Please provide detailed step$-$by$-$step. TY