3 Holyrood Co. just paid a dividend of $1.60 per share. The company will increase its dividend by 20% next year and will then reduce itsdividend growth rate by 5 percentage points per year until it reaches the industry average of 5% dividend growth, after which thecompany will keep a constent growth rate forever. if the required return on Holyrood stock is 17%, what will a share of stock sell fortoday? (Do not round intermediate calculations. Round the final answer to 2 decimel places.)Stock price

Current dividend = $ 1.60 Growth rate for year 1 = 20% Annual decrease in growth rate = 5% Constant…

Holyrood Co. just paid a dividend of $1.60 per share. The company will increese its dividend by 20% next year and will then reduce ts dividend growth rate by 5 percentege points per year until it reaches the industry everage of 5% dividend growth, after which the compeny will keep e constent growth rate forever. if the required return on Holyrood stock is 17% what will a shere of stock sel for todey? (Do not round intermediete celculetions. Round the finel enswer to 2 decimel pleces) Stock price