The appropriate rate of return on the stock is 9 percent, Financial Management

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The appropriate rate of return on the stock is 9 percent

Home Appliances, Inc. will pay a quarterly dividend per share of $.0.50 at the end of each of the next 8 quarters. Thereafter, the dividend will grow at a quarterly rate of 1 percent, forever. The appropriate rate of return on the stock is 9 percent, compounded quarterly. What is the current stock price? (Hint: rate of return is quoted in nominal term, i.e., per year)

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Financial Management: The appropriate rate of return on the stock is 9 percent

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