In 2006 and 2007 , Kenneth Cole Productions (KCP) paid annual dividends of $0.76. In 2008 , KCP paid an annual dividend of $0.35, and then paid no further dividends through 2012. Suppose KCP was acquired at the end of 2012 for $15.09 per share. What would an investor with perfect foresight of the above been willing to pay for KCP at the start of 2006? (Note: Because an investor with perfect foresight bears no risk, use a riskfree equity cost of capital of 4.8%. 10.36 15.96 12.59 18.36