A company is expecting a period of intense growth and has decided to retain more of their earnings to help finance that growth. As a result, the company is going to reduce the annual dividend by 13.50% a year for the next three years. After those three years, the company will maintain a constant dividend of $0.80 a share. Recently, the company paid $1.60 as the annual dividend per share. What is the market value of this stock if the required return of rate is 10.50%? $8.43 $8.65 $8.86 $9.08 $9.30