Continuing with Question 9, in addition to the $9 dividend starting six years later, Mark Bank decided to pay a lower amount of $6 annual dividend before it. That is, they will pay a $6 annual dividend each year in the next five years, and then starting six years from now, they will pay $9 a year. What is the price of one share of this stock today? Assume that the required return is still 7 percent throughout the whole time horizon.

136.76

153.17

122.69

116.27

118.41