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 $0.75 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%?

Group of answer choices

$13.00

$13.41

$14.03

$13.63

$13.26