23. Suppose Oil Company XYZ plans to pay a dividend of $2.50 in one year (this is time 1), $2.75 in two years, and then increase this dividend by 6.00% every year (i.e. the dividend at time 3 is $2.75 1.06 ) until time 14, after which the company will cease to operate and no more dividends will be paid. If the required rate of return on this company is 11.00%, what is its current price?

(a) $24.59 (b) $27.04 (c) $27.29 (d) $51.80