GM has promised an annual dividend of $1.45 starting next year. This dividend will be paid until the end of year 12. At that point, you expect that the stock will sell for $24.14. What is the fair price per share for GM? Assume that the appropriate discount rate is 7%.

Group of answer choices

Correct answer is not available

$26.99

$32.45

$18.71

$22.24