Answer:
the maximum price the investor would be willing to pay for a share of Spencer Co. common stock today is $86.27
Explanation:
The computation of the maximum price the investor would be willing to pay for a share of Spencer Co. common stock today is shown below:
Expected dividend is
= $3 × 6.2469
= $18.7407
Now the market value is
= $135 × 0.5002
= $67.527
So, the maximum price is
= $18.7407 + $67.527
= $86.27
hence, the maximum price the investor would be willing to pay for a share of Spencer Co. common stock today is $86.27
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