Chapter 9 10. Stock Valuation: Universal Laser, Inc., just paid a dividend of $2.75 on its stock. The growth rate in dividends is expected to be a...

Chapter 910. Stock Valuation: Universal Laser, Inc., just paid a dividend of $2.75 on its stock. The growth rate in dividends is expected to be a constant 6 percent per year, indefinitely. Investors require a 16 percent return on the stock for the first three years, a 14 percent return for the next three years, and then an 11 percent return thereafter. What is the current share price for the stock?