Wissinger Architectural Designs has paid an annual dividend of $2.05 per share on its common stock for the past fifteen years and is expected to continue paying $2.05 a share long into the future. Given this, one share of Wissinger's stock is

equal in value to the present value of $2.05 paid one year from today.

basically worthless as it offers no growth potential.

worth $2.05a share in the current market.

priced the same as a $2.05perpetuity.

valued at an assumed growth rate of2.05percent.