Honda Motor Company recently paid an annual dividend of $$1$ per share. You expect Honda to grow at an annual rate of $3\%$ indefinitely and this will also be reflected in future dividends. What is the highest price you would be willing to pay for Honda's stock you have a required return of $8\%?$

$$12\mathrm{.}5.$

$$20\mathrm{.}6.$

$$20.$

$$12\mathrm{.}88.$