Arden Inc. expects to pay a dividend of $1.60 per share next year and these dividends are expected to increase at a constant rate of 3.5% per year in perpetuity. If shares of Arden are correctly priced according to the constant-growth dividend discount model and the required return is 13.5%, what should the current stock price be? $16.00 $11.85 $9.41 513.87