Staton-Smith Software is a newstart-up company and will not pay dividends for the first five years of operation.

Staton- Smith Software is a new start -up company and will not pay dividends for the first five years of operation . It will then institute an annual cash dividend policy of $4. 50 with a constant growth rate of 4 % , with the first dividend at the end of year six . The company will be in business for 25 years total . What is the stock's price if an investor wants a . a return of 10% ? b. a return of 15 % ? C. a return of 22% ? d . a return of 38 % ? a . What is the stock's price if an investor wants a return of 10 % ?' $\\ ( Round to the nearest cent . )