eBook Problem Walk-Through Maxwell Mining Company's ore reserves are being depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As a result, the...

Extracted text: eBook Problem Walk-Through Maxwell Mining Company's ore reserves are being depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As a result, the company's earnings and dividends are declining at the constant rate of 8% per year. If Do = $3 and r; = 9%, what is the value of Maxwell Mining's stock? Round your answer to the nearest cent. 24