9.Mack Industries just paid a dividend of $1.00 per share (i.e., Div0 = $1.00). Analysts expect the company's dividend to grow 20 percent this year (i.e., Div1 = $1.20), and 15 percent next year, and 10 percent the year after. After three years the dividend is expected to grow at a constant rate of 5 percent. The required rate of return on the company's stock is 12 percent. Calculate the expected price of the stock (P0).

		19.46
		22.65
		21.05
		23.50
		25.50