Antiques R Us is a mature manufacturing firm. The company just paid a dividend of $$12,$ but management expects to reduce the payout by $7$ percent per year indefinitely.

If you require a return of $17$ percent on this stock, what will you pay for a share today?

Multiple Choice

$$50\mathrm{.}00$

$$46\mathrm{.}03$

$$46\mathrm{.}50$

$$46\mathrm{.}97$

$$111\mathrm{.}60$