Questions 20 - 23 are based on the following information relating to Turkey Turbine Corporation. The company paid a dividend of $.93 per share quarterly, totaling to $3.72 for the most recent full year, on its common stock. Based on a study of the risk of owning this stock, analysts at Uruguy Investment Management Funds have determined that the required annual rate of return should be ke or r = 8.4%. Finally a fourth analyst, Mr. World, considers the strength of Turkey Turbine's product lines in growing international markets. He has adopted the expectation that earnings and dividends will grow by 25% in year 1, by 18% in year 2, and by 10% in year 3, before leveling off to a fairly steady pattern that he can sensibly model as 2.3% constant annual growth in year 4 and all following years. Under this set of assumptions, what is the highest price analyst World thinks the Uruguay funds should be willing to pay for a share of Turkey Turbine Corporation's common stock? A. $91.66 B. $60.22 O C. $87.01 O D. $114.92 E. $93.16 Reset Selection