10 Shore Hotels just paid an annual dividend of $1.5 0 per share. The company will increase its dividen d by 7 percent next year and will then reduce its d ividend growth rate by 2 percentage points per ye ar until it reaches the industry average of 3 perce nt dividend growth, after which the company will k eep a constant growth rate forever. What is the pri ce of this stock today given a required return of 1 4 percent? . a. $16.54 b. $14.85 c. $18.99 d. $11.83 e. $13.02 10 Shore Hotels just paid an annual dividend of $1.5 0 per share. The company will increase its dividen d by 7 percent next year and will then reduce its d ividend growth rate by 2 percentage points per ye ar until it reaches the industry average of 3 perce nt dividend growth, after which the company will k eep a constant growth rate forever. What is the pri ce of this stock today given a required return of 1 4 percent? . a. $16.54 b. $14.85 c. $18.99 d. $11.83 e. $13.02