Mannix Corporation stock currently sells for $80 per share. The market requires a return of 11...
Mannix Corporation stock currently sells for $80 per share. The
market requires a return of 11 percent on the firm's stock. If the
company maintains a constant 7 percent growth rate in dividends,
what was the most recent dividend per share paid on the
stock?
A) $14.47
B) $2.99
C) $2.87
D) $3.20
E) $5.11
Homework Answers
Ans B) $2.99
| P0 = | Price of Share |
| D1 = | Current Dividend |
| Ke = | Cost of Equity |
| g = | growth rate |
| P0 = | D1 / (Ke - g) |
| 80 = | D1 / (11%- 7%) |
| 80 = | D1 / 4% |
| D1 = | 80 * 4% |
| D1 = | 3.20 |
| D0 = | D1 / (1 + g) |
| D0 = | 3.20 / (1 + 7%) |
| D0 = | 2.99 |
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