Question: q3 (Estimated time allowance: 10 minutes) ECC Corp. will pay annual dividends of $19 per share for the next 6 years. At the end of

(Estimated time allowance: 10 minutes) ECC Corp. will pay annual dividends of $19 per share for the next 6 years. At the end of year 7. ECC will increase the dividends by 3% per year forever. The required rate of return on this stock is 10 percent. What is the price of the stock today? When you enter your answer, do not enter the \$ sign. DO NOT USE commas to separate thousands. Use 2 decimals and round your answer to the nearest cent. For example, if your result is $85.873 then enter 85.87

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