9. Cooma Craft Ltd has just declared a dividend of $0.50 today. The company is in steady business, servicing the tourist industry to Cooma in southern New South Wales. It expects that this dividend will be able to grow at a steady rate of 3.5% for ever. You consider that the required rate of return for this company should be 12% p.a. The fair value of one share in Cooma Craft Ltd is approximately

Select one: a. $6.19 b. $6.09 c. $5.88 d. $5.78