Will upvote for fast correct answer.

A share of common stock just paid an annual dividend of $2.50. If the expected longrun annual dividend growth rate for this stock is 1% and investors require a 7% rate of return, what is the most an investor should pay for this stock today? Find the price of a stock today that is expected to pay dividends of $1.15 per share each year forever. Investors' expected return is 7%