1. A company is expected to pay a dividend of $3.00 during the next year (D₁ = $3.00). The company will increase its dividend payment at a growth rate of 4 percent every year indefinitely (g = 4.0%). If the required rate of return on the stock is 9%, what is the current price of the companys stock?

   		$33.33
   		$60.00
   		$62.40
   		$75.00