aco wants to run a hedge fund one day. Early in 2015, Paco is analyzing shares of the XYZ Corp. He expects the following dividends per share (end of year). 2015 - $1

2016 - $1.25

2017 - $1.50 He expects 2017 earnings per share to be $3.50 and XYZ's P/E ratio to be 10. His required rate of return for this stock is 13%. He should pay no more than

		$27.16 per share.
		$30.71 per share.
		$28.75 per share.
		$23.52 per share.