The company pledges to increase its dividend by 6 percent, Financial Management

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The company pledges to increase its dividend by 6 percent

Staal Corporation will pay a $3.22 per share dividend next year. The company pledges to increase its dividend by 6 percent per year indefinitely. If you require a return of 11 percent on your investment, how much will you pay for the company's stock today? (Round your answer to 2 decimal places. (e.g., 32.16)) Stock price $ __________

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Financial Management: The company pledges to increase its dividend by 6 percent

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