Sheridan, Inc., paid a dividend of $4.27 last year. The company's management does not expect to increase

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Question:

Sheridan, Inc., paid a dividend of $4.27 last year. The company's management does not expect to increase its dividend in the foreseeable future. If the required rate of return is 12.5 percent, what is the current value of the stock? (Round answer to 2 decimal places, e.g. 15.25.)

Current value