Reinhardt Industries is a mature company experiencing a constant growth rate of 4.5%.  The firm has just paid a dividend of $3.60 (that is, D0 = $3.60).  Investors require an 11% rate of return on the stock.  What is the firm’s stock price today?  NOTE: Since the $3.60 dividend has already been paid, its value should not be reflected in the firm’s stock price.  

yesterday

to answer

to receive

sometimes

to congratulate

tomorrow

to be big

summer

to meet