You are considering to buy some stocks of Company A$.$ This company just paid out its annual

dividend yesterday. Dividend for next year is expected to be $$1\mathrm{.}2$ per share. Suppose the

dividend grows att a rate of $2\%$ per year forever. Your required rate of return for this

investment is $8\%$ annually. What is the maximum price you are willing to pay today?

$$20/$share

$$15/$share

$$60/$share

$$17/$share

$$25/$share