Holyrood Co. just paid a dividend of $1.65 per share. The company will increase its dividend by 24 percent next year and will then reduce its dividend growth rate by 6 percentage points per year until it reaches the industry average of 6 percent dividend growth, after which the company will keep a constant growth rate forever. If the required return on Holyrood stock is 10 percent, what will a share of stock sell for today? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
Stock price