Randy is 60 years old and realizes that his reading speed and eyesight are not as robust as they were when he was younger. he still enjoys participating in a book club, which requires that a new book be read every week. in order to participate, randy now listens to the books on tape. randy is using in order to participate in the book club.

Storico co. just paid a dividend of $3.15 per share. the company will increase its dividend by 20 percent next year and then reduce its dividend growth rate by 5 percentage points per year until it reaches the industry average of 5 percent dividend growth, after which the company will keep a constant growth rate forever. if the required return on the company’s stock is 12 percent, what will a share of stock sell for today?