Next week, common stockholders of PepsiCo (ticker symbol: PEP) will receive an annual dividend of $3.02 per share. This year, PEP paid a dividend of $2.90 a share. If dividends are growing at a constant rate and investors require a return of 8.0%, how much will one share of PEP cost 11 years from today?

Multiple Choice

• $133.11

• $112.93

• $132.11

• $117.29

• $122.15