Google does not currently pay any dividends or repurchase shares. Earnings per share for the year ended yesterday were $32. Assume that Google will start paying an annual dividend in four years and adopt a dividend payout rate of 50% at that time. Assume that earnings-per-share will grow at 10% per annum over the next four years. Those assumptions imply a first dividend (in four years) of $23.4256 (D4 = 0.5 * EPSO (1.10)4). Shareholders require a return of 9% on Google's shares. Assume that, after it starts, Google will continue paying annual dividends that will grow at a constant rate of 6.1% per annum in perpetuity. What is the fair price for the stock today? $426.03 $572.25 $623.75 $807.78