Hunt Corporation will pay a dividend of $3.45 per share next year. The company pledges to increase its dividend by 2.75 percent per year indefinitely. If you require a return of 8 percent on your investment, how much will you pay for the companys stock today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Multiple Choice

• $65.71

• $62.35

• $58.68

• $52.48

• $71.12