James Consol Company currently pays a dividend of $1.60 per share on its common stock.The company…

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James Consol Company currently pays a dividend of $1.60 per share on its common stock.The company expects to increase the dividend at a 20 percent annual rate for the first fouryears and at a 13 percent rate for the next four years, and then grow the dividend at a 7 percent rate thereafter. This phased-growth pattern is in keeping with the expected life cycleof earnings. You require a 16 percent return to invest in this stock. What value should youplace on a share of this stock

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