King Waterbeds has an annual cash dividend policy that raises the dividend each year by 4%. The most recent dividend, Div 0 , was $0.45 per share. What is the stock's price if a. an investor wants a return of 7% ? b. an investor wants a return of 8% ? c. an investor wants a return of 11% ? d. an investor wants a return of 12% ? e. an investor wants a return of 18%