Investors holding the stock of Chipotle Mexican Grill Inc. (ticker symbol CMG) require a 11.6% return. As a result of the Covid-19 pandemic, Chipotle will pay dividends of $3.30 and $2.52 over the next two years, respectively. After that, Chipotle will grow its annual dividends by 4.2% percent. How much will you pay for one share of Chipotle today?

Multiple Choice

• $38.15

• $31.43

• $33.46

• $28.48

• $35.83