Several investors co-own shares of a project. The co-owners…
Several investors co-own shares of a project. The co-owners received an annual payment of $5.75 per share yesterday. Analysts expect the project to increase its annual payment by 9% per year for three years in a row. Thereafter, it is expected that the payment will grow at an annual rate of 3.5%, forever. If the co-owners require a rate of return of 11.5%, what is one share of the project worth today? (Round your answer to the nearest penny. Do not enter the dollar symbol or any commas. For example, if your answer is $1,234.56789, enter 1234.57. Do not worry if Canvas adds commas or truncates trailing zeros.)