9. Johnsey Systems has robust earnings and has undertaken plan to increase dividends to common shareholders The company most recently paid a dividend of $1.50 per share and plans to increase the annual ordinary dividend according to the schedule: Year Dividend Growth Rate 10% 9% 8% 7% 2 4 After the fourth year, the company will increase the dividend at a constant rate of 5% per year. If the company's required rate of return is 11%, what is the intrinsic value per share of common stock? a. $18.86 b. $24.70 c. $29.69 d. $36.45