Answers
Value at year 9 = D10 / required rate - growth rate
Value at year 9 = 15 / 0.145 - 0.05
Value at year 9 = 15 / 0.095
Value at year 9 = 157.894737
Current share price = FV / (1 + r)n
Current share price = 157.894737 / (1 + 0.145)9
Current share price = 157.894737 / 3.38259
Current share price = $46.68
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