Pharoah, Inc., paid a dividend of $4.25 last year. The company's management does not expect to increase its dividend in the foreseeable future. If the required rate of return is 17.0 percent, what is the current value of the stock? (Round answer to 2 decimal places, e.g. 15.25.) Current value $.

1. Pharoah, Inc., paid a dividend of $4.25 last year. The company's management does not expect to
increase its dividend in the foreseeable future. If the required rate of return is 17.0 percent, what is
the current value of the stock? (Round answer to 2 decimal places, e.g. 15.25.) Current value $