7) General Mills common stock dividends have been growing at an annual rate of 7 percent per year over the past 10 years. Current dividends are $1.70 per share. What is the current value of a share of this stock to an investor who requires a 12 percent rate of return if the following conditions exist?

a. Dividends are expected to continue growing at the historic rate for the foreseeable future.

b. The dividend growth rate is expected to be 9 percent per year for the foreseeable future.

c. The dividend growth rate is expected to be 6.5 percent per year for the foreseeable future.