New Gadgets, Inc., currently pays no dividend but is expected to pay its first annual dividend of $$4\mathrm{.}70$ per share exactly $9$ years from today. After that, the dividends are expected to grow at $3\mathrm{.}1$ percent forever. If the required return is $10\mathrm{.}9$ percent, what should the price of the stock be today?

Multiple Choice

$$30\mathrm{.}73$

$$47\mathrm{.}20$

$$23\mathrm{.}75$

None of these is correct.

$$26\mathrm{.}34$