The Georgian Bay Cos common stock has an annual dividend of $3.25 per share. This dividend amount has been constant for the past fifty years and is expected to remain constant. Given this, one share of the firms stock: Is valued as if the dividend paid is an annuity. Has a market value equal to the present value of $3.25 paid one year from today. Is basically worthless as it offers no growth potential. Cannot be valued without a required rate of return. Has a market value of $32.50.