Johnson Company just paid an annual dividend of $1.75. The next dividend will be paid one year from

today. Johnson Company expects a constant growth of 5 percent in dividends forever. The required rate of

return for this company's common stock is 13 percent. What is the value of one share of common stock?

a. $1.55

b. $13.46

c. $14.13

d. $21.88

e. $22.97

(Please show how you found the answer)