Parcel Corporation expects to pay a dividend of $$5\mathrm{.}15$ per share next year, and the dividend payout ratio is $50$ percent. If dividends are expected to grow at a constant rate of $8$ percent forever, and the required rate of return on the stock is $13$ percent, calculate the present value of growth opportunities.

Multiple Choice

$$103\mathrm{.}00$

$$79\mathrm{.}23$

$$23\mathrm{.}77$

$$71\mathrm{.}85$