Question : Van Buren, Inc., currently pays $2.15 per share in dividends
Van Buren, Inc., currently pays $2.15 per share in dividends on its common stock. Dividends are expected to grow at 5.00% per year forever. If you require a 13.00% rate of return (i.e., the discount rate) on this investment, what value would you place on a share of Van Buren common stock? Assume that the current dividend was just paid.
Answer Format: Currency: Round to: 2 decimal places.PLEASE EXPLAIN!