Q6. Happy days is a young start-up company. No dividends will be paid on the stock over the next 5 years, because the firm needs to plow back its earnings to fuel growth. The company will then pay a...

Extracted text: Q6. Happy days is a young start-up company. No dividends will be paid on the stock over the next 5 years, because the firm needs to plow back its earnings to fuel growth. The company will then pay a dividend of $12 per share 6 years from today and will increase the dividend by 3 percent per year thereafter. If the required return on this stock is 10 percent, what is the current share price?