Next year the QPR corporation expects to be paying a dividend of $2.00 per share. The firm has had a steady dividend growth rate of 3% for the last 6 years with no indication that the rate will change. What is the current price for shares of QPR if the expected return on the stock is 11%?

Select one:

a. Less than $5.00

b. Between $5.00 and $8.00

c. Between $8.00 and $15.00

d. Between $15.00 and $23.00

e. Greater than $23.00