Question: Stoneworks, Inc. is looking to pay out built up retained earnings. The company has just paid a dividend of $15 per share and has announced

Stoneworks, Inc. is looking to pay out built up retained earnings.

Stoneworks, Inc. is looking to pay out built up retained earnings. The company has just paid a dividend of $15 per share and has announced that it will increase the dividend by $3.00 per share for each of the next five years, and then never pay another dividend again. If you require a return of 11% on the company's stock, how much will you pay for a share today

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