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Hickory Hoops. just paid an annual dividend of $6.25 per share last year. The company expects to increase dividends by 2.5% per year indefinitely. If

Hickory Hoops. just paid an annual dividend of $6.25 per share last year. The company expects to increase dividends by 2.5% per year indefinitely. If the required return is 16.4%, what is the expected price of the stock seven years from now?

A. $41.62

B. $49.51

C. $54.78

D. $58.13

E. $61.29

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