Wayne Enterprises Inc. pays a regular annual dividend on its common shares which is expected to grow annually in perpetuity at the rate of $3\%.$ Today is Dec $31$ and Wayne pays its dividend on January $1($tomorrow$).$ Last year, the dividend was $$0\mathrm{.}75$ per share. Ignoring settlement, taxes and other institutional issues, what is a fair price for the stock today if investors expect an annual return of $9\%?$

Question $1$Select one:

a$.$

$$14\mathrm{.}03$

b$.$

$$13\mathrm{.}63$

c$.$

$$13\mathrm{.}26$

d$.$

$$13\mathrm{.}41$

e$.$

$$12\mathrm{.}88$