Business, 08.11.2019 02:31 StephenSudu

Phoenix industries has pulled off a miraculous recovery. four years ago it was near bankruptcy. today, it announced a $3 per share dividend to be paid a year from now, the first dividend since the crisis. analysts expect dividends to increase by $1 a year for another 2 years. after the third year (in which dividends are $5 per share) dividend growth is expected to settle down to a more moderate long-term growth rate of 6%. if the firm’s investors expect to earn a return of 14% on this stock, what must be its price? (do not round intermediate calculations. round your answer to 2 decimal places.)

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Phoenix industries has pulled off a miraculous recovery. four years ago it was near bankruptcy. toda...