Rework Table $7\mathrm{.}4$ for horizon years $1,2,3,$ and $10,$ assuming that investors expect the dividend and the stock price to increase at only $6\%$ a year and that each investor requires the same $12\%$ expected return. The company will pay a dividend of $$3$ at the end of the first year.

What value would an investor place on the stock?Problem $7-8$ Dividend Discount Model $($LO$2)$

Rework Table $7\mathrm{.}4$ for horizon years $1,2,3,$ and $10,$ assuming that investors expect the dividend and the stock price to

increase at only $6\%$ a year and that each investor requires the same $12\%$ expected return. The company will pay a

dividend of $$3$ at the end of the first year.

What value would an investor place on the stock?

Do not round intermediate calculations. Round your answers to $2$ decimal places.