You are considering buying common stock in Grow On, Inc. You have projected that the next dividend the company will pay will equal $8.60 and that dividends will grow at a rate of 5.0% per year thereafter. If you would want an annual return of 16.0% to invest in this stock, what is the most you should pay for the stock now?

$56.44
	$82.09
	$53.75
	$78.18
	$85.42