The company will be in business for 8 years and not have a liquidating dividend. The required rate of return for this investment is 10%. What is the price of this stock today? 28.91 63.75 62.50 28.34

$28.91

Explanation:

Price of stock = Sum of present value of dividends

Year                      Dividend                                      Present Value            

1                            5 * 1.02 = $5.10                          5.10/ (1 + 10%) = $4.64        

2                            5.1 * 1.02 = $5.20                       5.20/ 1.1² =      $4.30

3                           5.20 * 1.02 = $5.30                    5.30 / 1.1³ =      $3.98

4                           5.30 * 1.02 = $5.41                     5.41 /1.1⁴   =       $3.70

5                           5.41 * 1.02 = $5.52                     5.52/1.1⁵ =        $3.43

6                           5.52 * 1.02 = $5.63                     5.63/1.1⁶ =       $3.18

7                            5.63 *1.02   = $5.74                    5.74/1.1⁷ =        $2.94

8                          5.74 * 1.02   = $5.85                     5.85/1.1⁸ =       $2.73

Total                                                                                                 $28.91

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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