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5- (20 marks) Tina Inc. is expecting to pay $1.20, $1.15 and $1.10 in annual dividends for the next three years respectively. After that, it

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5- (20 marks) Tina Inc. is expecting to pay $1.20, $1.15 and $1.10 in annual dividends for the next three years respectively. After that, it projects that dividends will increase by 3.5% annually. Hooman is in the 25% marginal tax bracket and wants to earn 14% after- tax on his investments. How much is Hooman willing to pay today for one share of Tina Inc. stock? Ignore the dividend tax credit

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