Miller Brothers Hardware paid an annual dividend of $1.75 per share last month. Today, the company announced that future dividends will be increasing by 3.00 percent annually. If you require a 8.7 percent rate of return, how much are you willing to pay to purchase one share of this stock today?

Question 2 options:

$33.37

$31.62

$58.33

$29.87

$60.08