Question: Tresnan Brothers is expected to pay a $1.10 per share dividend at the end of the year (i.e., D 1 = $1.10). The dividend is

Tresnan Brothers is expected to pay a $1.10 per share dividend at the end of the year (i.e., D₁ = $1.10). The dividend is expected to grow at a constant rate of 4% a year. The required rate of return on the stock, r_s, is 16%. What is the stock's current value per share? Round your answer to two decimal places.

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