1) Quad Inc has an odd dividend policy. The company has just paid a dividend of $1.50 per share and have announced that it will increase the dividend by $3.00 per share each of the next five years and then never pay another dividend. If you require a return of 11 percent on the companys stock, how much will you pay for a share today?

a) $25.42

b) $34.24

c) $36.50

d) $38.00