51 Due to strong competition from online toy retailers, FAO Schwartz EFB will pay no dividends for the next 2 years. Analysts expect that the first dividend (payable four years from today) will be $2.20 and it is expected that dividends will grow at a constant rate of 8% perpetually thereafter. FAO shareholders require a return of 20%. What is the fair price for the shares today? $8.84 $9.23 $10.05 *$10.61 $11.46 O