ABC common stock is expected to have extraordinary growth in earnings and dividends of 26% per year for 2 years, after which the growth rate will settle into a constant 3%. If the discount rate is 15% and the most recent dividend was $1, what should be the approximate current share price (in $ dollars)? $

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.