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Ruby CO. just announced that it will commence paying annual dividends. it plans to pay $4.75 a year for four years, $4.25 a year for

Ruby CO. just announced that it will commence paying annual dividends. it plans to pay $4.75 a year for four years, $4.25 a year for the following three years, and cease paying dividends altogether. How much is one share of this stock worth to you today if you require a 9% rate of return?

A. $23.01

B. 27.67

C. 29.32

D.25.15

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