40. Michelak's Maritime Industries has relatively stable earnings and pays an annual dividend of $3.00 per share. This dividend has remained constant over the past few years and is expected to remain constant for some time to come. If you want to earn 1 1% on an investment in the common stock of Michelak's, how much should you pay to purchase each share of stock? a. $12.50 b. $20.83 c. $18.88 d. $27.27