World-Tour Co. has just now paid a dividend of $2.83 per share (Div₀); its dividends are expected to grow at a constant rate of 6 percent per year forever. If the required rate of return on the stock is 16 percent, what is the current value of the stock, after paying the dividend?

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The Answer of World-Tour Co. has just now paid a dividend of $2.83 per share (Div₀); its dividends are expected to grow at a constant rate of 6 percent per year forever. If the required rate of return on the stock is 16 percent, what is the current value of the stock, after paying the dividend?