Question
CX Enterprises has the following expected dividends: $ 1.07 in one year, $ 1.15 in two...
CX Enterprises has the following expected dividends: $ 1.07 in one year, $ 1.15 in two years, and $ 1.31 in three years. After that, its dividends are expected to grow at 3.6 % per year forever (so that year 4's dividend will be 3.6 % more than $ 1.31 and so on). If CX's equity cost of capital is 11.8 % , what is the current price of its stock?
The price of the stock will be _________?(Round to the nearest cent.)
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