1. MNO's return on equity is 13% and its long-run retention ratio is 25%. The stock just paid a dividend of $4.25, which is expected to grow at a constant rate forever. If investors require a 20% rate of return for the stock, What would you expect the share price to be two years from today? Round intermediate steps to four decimals.

   		27.93
   		26.20
   		25.37
   		27.05