A company has a 9.00% required rate of return and will not pay any dividends for the next seven years. At the beginning of year 8, it will pay a dividend of $1.50 per share. The dividend (always paid at the beginning of a year) is expected to grow at 6.50% annually from that point onwards. Calculate the stock price today. $32.20 $33.09 $33.99 $34.88 $35.78