Best Buy Co. (BBY) paid a $0.27 dividend per share in 2003, which grew to $0.49 in 2017. This growth is expected to continue. What is the value of this stock at the beginning of 2017 when the required rate of return is 17.23 percent?

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To find the value of the stock, use the Gordon Growth Model (Dividend Discount Model): P = D1 / (r - g). First, calculate the growth rate (g) using the dividend growth from 2003 to 2017. Then, use the dividend expected in 2017 (D1 = $0.49) and the required rate of return (r = 17.23%) to find the stock price.