Samcro Distributing Co. just announced that next years annual dividend will be $1.44 and that it is establishing a policy whereby the dividend will increase by 3.25 percent annually thereafter. How much will one share of this stock be worth 7 years from now if the required rate of return is 9.5 percent?

$28.82

$29.76

$27.91

$23.78

$23.04