Changes in Growth and Stock Valuation Consider a firm that had been priced using a $10\mathrm{.}00$ percent growth rate and a $14\mathrm{.}00$ percent required rate. The firm recently paid a $$1\mathrm{.}20$ dividend. The firm has just announced that because of a new joint venture, it will likely grow at a $12\mathrm{.}00$ percent rate. How much should the stock price change $($in dollars and percentage$)?$

Multiple Choice

$$34\mathrm{.}20,104\mathrm{.}00\%$

$$34\mathrm{.}20,1\mathrm{.}04\%$

$$30\mathrm{.}00,100\mathrm{.}00\%$

$$30\mathrm{.}00,1\mathrm{.}00\%$