Piedmont enterprises currently pays a dividend d0 of 08 per, Ask an Expert

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Piedmont Enterprises currently pays a dividend (D0) of $0.8 per share. This dividend is expected to grow at a 20 percent per year rate for the next 3 years, after which it is expected to grow at 4 percent per year for the foreseeable future. If you require a 14 percent rate of return on an investment of this type, what price do you expect the stock to sell for at the beginning of year 6? Use Table I to answer the question. Round your answer to the nearest cent. $

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