37.

NTT Corp is expected to pay a $2.80 annual dividend to its common shareholders next year. Analysts expect these dividend to grow indefinitely at a 6.5 percent annual rate. If the required rate of return on the common stock is 10.8 percent, what is the intrinsic value of the common stock?

Select one:

a. $56.28

b. $61.44

c. $65.12

d. $69.35