Shareholders of Moelis & Company (ticker symbol: MC) just received an annual dividend of $2.60 per share. During the next 4 years, as a result of the strong momentum and positive outlook in their business, Moelis & Company expects its annual dividend to grow by 19% per year. Afterward, Moelis expects to grow at a constant annual rate of 3%. If you require an 8.10% rate of return, how much will you pay today for one share of Moelis & Company?

Multiple Choice

• $77.11

• $93.01

• $107.90

• $90.41

• $105.30