Lohn Corporation is expected to pay the following dividends over the next four years: $11, $8, $6, and $4. Afterward, the company pledges to maintain a constant 5 percent growth rate in dividends forever.

If the required return on the stock is 13 percent, what is the current share price?

Multiple Choice

• $52.86

• $56.45

• $61.11

• $52.07

• $54.81