c) The common stock of Cranberry Inc. is selling on the open market. A dividend of $3.68 is expected to be distributed next year, and the growth rate of this company is estimated to be 5.5% per year for the foreseeable future and the beta of the Cranberry Inc. is 1.2. If Richard Dean, an average investor, what price is he willing to pay for Cranberry stock. Assume the return on the risk free asset is 4% and (8 marks) return on the market portfolio is 12%