A company is expecting its sales to decline and has announced that it will be reducing its annual dividend by 4.50% a year for the next two years.After that, it will maintain a constant dividend of $1.00 a share.Just recently, the company paid a dividend of $2.00 per share. What is this stock worth if you require a 8.50% rate of return?

Question 8 options:

a)$12.97

b)$13.30

c)$13.64

d)$13.97

e)$14.30