The peterman company does not currently pay dividends, Ask an Expert

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The Peterman Company does not currently pay dividends. However, investors expect?that, in 6 years, Peterman will pay its first dividend of $1.81 per share and will continue to grow at 11% per year forever. If investors require a 12% annual return on the stock, what is the current price? The current price of the stock is $__. (Round to the nearest cent.)

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Financial Management, Finance

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