Question: Problem 8-2 Stock Values [LO1] The next dividend payment by Im, Incorporated, will be $1.64 per share. The dividends are anticipated to maintain a growth

Problem 8-2 Stock Values [LO1]

The next dividend payment by Im, Incorporated, will be $1.64 per share. The dividends are anticipated to maintain a growth rate of 8 percent forever. If the stock currently sells for $31 per share, what is the required return? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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