DUE TO ECONOMIC CHALLENGES XYZ CORP HAS SUSPENDED ITS DIVIDENDS FOR THE NEXT TWO YEARS. THE FOLLOWING YEAR I.E. 3 YEARS FROM TODAY THE FIRM PLANS TO RESUME DIVIDEND PAYMENTS WITH A DIVIDEND OF $2.25 AND INTENDS TO GROW THIS DIVIDEND AT A CONSTANT RATE OF 3.9% PER YEAR THEREAFTER. IF INVESTORS REQUIRE A RATE OF RETURN OF 9.9% FOR INVESTING IN THE FIRM, WHAT WOULD INVESTORS BE WILLING TO PAY FOR THE STOCK TODAY?

24.85

28.25

37.50

31.05