(TCO E) Constant growth stock The last dividend paid by XYZ Company was $1. XYZs growth rate is expected to be a constant 5 percent.

4. (TCO E) Constant growth stock The last dividend paid by XYZ Company was $1.00. XYZs growth rate is expected to be a constant 5 percent. XYZ's required rate of return on equity (ks) is 10 percent. What is the current price of XYZ's common stock? (Points: 25)