Question

Bread, Inc., has an odd dividend policy. The company has just paid a dividend of $6 per share and has announced that it will increase the dividend by $4 per share for each of the next five years, and then never pay another dividend. If you require an 11 percent return on the company's stock, you will pay $ for a share today. (Do not include the dollar sign ($). Round your answer to 2 decimal places. (e.g., 32.16))

Answer 1

$64.46