Gilmore, Inc., just paid a dividend of $3.15 per share on its stock. The dividends are expected to grow at a constant rate of 6 percent per year, indefinitely. Assume investors require a return of 11 percent on this stock.
What is the current price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Current price $
What will the price be in three years and in fifteen years? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Price
Three years $
Fifteen years $