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Common stock value-Variable growth Personal Finance Problem Home Place Hotels, Inc., is entering into a 3-year remodeling complete, it should allow the company to enjoy much improved growth in earnings and dividends. Last year, the company paid a divi 18% growth. In year 5 and thereafter, growth should be a constant 11% per year. What is the maximum price per share that an invee The maximum price per share that an investor who requires a return of 15% should pay for Home Place Hotels common stock is $

Fring into a 3-year remodeling and expansion project. The construction will have a limiting effect on earnings during that time, but when it is rear, the company paid a dividend of $4.90. It expects zero growth in the next year. In years 2 and 3, 3% growth is expected, and in year 4. price per share that an investor who requires a return of 15% should pay for Horne Place Hotels common stock? Hotels common stock is $(Round to the nearest cent.)