McGonigal's Meats, Inc. currently pays no dividends. The firm plans to begin paying dividends in 6 years. The first dividend will be $1.50 (D6) and dividends will grow at 6% per year thereafter. Given a required return of 10%, what would you pay for the stock today (approximately)

$23.29

Explanation:

D6 = $ 1.50

Growth rate = 6%

Cost of capital = 10%

Price at the end of 5th year = D6 / Cost of capital - Growth rate)

Price at the end of 5th year = $1.5/(0.10 - 0.06)

Price at the end of 5th year = $1.5/0.04

Price at the end of 5th year = $37.5 0

The price today = Price at the end of 5th year / (1 + Cost of capital)^5

The price today = $37.5/(1.10)^5

The price today = $37.5 / 1.61051

The price today = 23.284550

The price today = $23.29

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