JBK Inc. normally pays an annual dividend. The last such dividend paid was $3.00 all future dividends are expected to grow at 5 percent and the firm faces a required rate of return on equity of 10 percent. If the firm just announced that the next divi
JBK, Inc., normally pays an annual dividend. The last such dividend paid was $3.00, all future dividends are expected to grow at 5 percent, and the firm faces a required rate of return on equity of 10 percent. If the firm just announced that the next dividend will be an extraordinary dividend of $17.50 per share that is not expected to affect any other future dividends, what should the stock price be?(Do not round intermediate calculations and round your final answer to 2 decimal places.)
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