Dividends are expected to grow at 26 percent for next three


Upton Co. is growing quickly. Dividends are expected to grow at 26 percent for the next three years, with the growth rate falling off to a constant 8 percent thereafter. If the required return is 15 percent and the company just paid a dividend of $3.55, what is the current share price? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)

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Financial Management: Dividends are expected to grow at 26 percent for next three
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