Changes in Growth and Stock Valuation Consider a firm that had been priced using a 11.00 percent growth rate and a 16.00 percent required rate. The firm recently paid a $1.50 dividend. The firm has just announced that because of a new joint venture, it will likely grow at a 13.00 percent rate. How much should the stock price change (in dollars and percentage)?

$23.20, 70.00%

$23.20, .70%

$19.00, 100.00%

$19.00, 1.00%