Question: Burton Corp. is growing quickly. Dividends are expected to grow at a rate of 28 percent for the next three years, with the growth rate falling off to a constant 6.9 percent thereafter.
If the required return is 16 percent and the company just paid a dividend of $3.20, what is the current share price? (Hint: Calculate the first four dividends.) (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)