Which of the following statement is incorrect? a. A high proportion of the value for a growth stock comes from past eamings
b. The convex shape of the bond price-yield curve shows the curve is steeper for lower interest rates
c. Callable bonds give bond issuer the right to retire the bond before its maturity date.
d. Preferred shares typically have a fixed dividend, whereas the dividend from common shares is determined by a firm's board of directors every year.
e. Preferred shares usually have less voting rights than common shares

ABC Inc. just paid a dividend of $1.1. It expects its earnings and dividends to increase at a rate of 8% per year for 3 years and then increase at a rate of 3% per year indefinitely. What is the value of the stock today if the required return is 11%? The value of the stock today is $
Note: Please retain at least 4 decimal places in your calculations and at least 2 decimal places in your answer.