Cox Footwear pays a constant annual dividend. Last year, the dividend yield was 3.95 percent when the stock was selling for $24.92 a share. What is the current price of the stock if the current dividend yield is 4.34 percent?
Added by Jesse J.
Step 1
The formula for dividend yield is: \[ \text{Dividend Yield} = \frac{\text{Annual Dividend}}{\text{Stock Price}} \] Using the values from last year: \[ 0.0395 = \frac{\text{Annual Dividend}}{24.92} \] Show more…
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