roctoring Enabled: Exam # $2$ i

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$5$

New Gadgets, Incorporated, currently pays no dividend but is expected to pay its first annual dividend of $$5\mathrm{.}45$ per share exactly $6$ years from to After that, the dividends are expected to grow at $3\mathrm{.}6$ percent forever. If the required return is $12\mathrm{.}4$ percent, what is the price of the stock today?

Multiple Choice

$$51\mathrm{.}89$

$$34\mathrm{.}52$

$$30\mathrm{.}71$

$$61\mathrm{.}93$

$$40\mathrm{.}27$