Machiavelli's Pizzeria Incorporated (Ticker: MPI) plans to pay a dividend of $2.00 per share in 4 years. Dividends will then grow at an annual rate of 3.5 percent for 16 more years after the initial dividend is paid. Thus the abnormal growth period will end 20 years from now. After 20 years, dividends will grow at a constant annual rate of 1.5 percent indefinitely. If the required rate of return is 9 percent, what is MPI's current price per share (P₀)?

Group of answer choices

$1.35

$1.90

$24.81

$2.47