Questions 21 - 24 are based on the following information relating to Tupelo Turbine Corporation. The company paid a dividend of $.56 per share quarterly, totaling to $2.24 for the most recent full year, on its common stock. Based on a study of the risk of owning this stock, analysts at Walnut Investment Funds have determined that the required annual rate of return should be ke or r 8.4%. The second analyst, Mr. Leaf, believes first analyst Branch is too optimistic he feels Tupelo Turbine's future earnings and dividends will change in a fairly steady manner that can sensibly be modeled as constant growth of approximately negative 2.2 (-2,2%) per year. Under these assumptions, what is the highest price analyst Leaf thinks the Walnut funds should be willing to pay per share for Tupelo Turbine Corporation common stock? A $35.33 B. $26.08 C. $36.13 D. $20.67 E. 50 (no value since the dividend stream is expected to decline)