Jimmy Buffett's Berkshire Hathaway recently paid a dividend of $$1\mathrm{.}65$ per share, but analysts expect the dividend to decrease by $4\%$ per year. The risk$-$free rate is $2\mathrm{.}5\%$ and the market risk premium is $8\%.$ If beta is $1\mathrm{.}35$ and the market is in equilibrium what is the value of the stock?

$$11\mathrm{.}91$

$$9\mathrm{.}54$

$$18\mathrm{.}45$

$$9\mathrm{.}16$