The Jackson-Timberlake Wardrobe Company just paid a dividend of $1.95 per share on its stock. The dividends are expected to grow at a constant rate of 4% per year indefinitely. If investors require a return of 10.5% on The Jackson-Timberlake Wardrobe Company stock, what is the current price? What will the price in in 3 years? In 15 years?
Please give explanation and breakdown