Machiavelli's Pizzeria Incorporated (Ticker: MPI) plans to pay a dividend of $3.00 per share in 11 years. Dividends will then grow at an annual rate of 5.2 percent for 13 more years after the initial dividend is paid. Thus the abnormal growth period will end 24 years from now. After 24 years, dividends will grow at a constant annual rate of 2.6 percent indefinitely. If the required rate of return is 13 percent, what is MPI's current price per share (P₀)?

Group of answer choices

$12.51

$0.96

$10.21

$3.69