New Century, Inc. paid $2.10 in dividends per share last year. The company is expected to increase their annual dividends by 3 percent annually for the next five years. Mike has assigned a required rate of return of 13 percent to this stock. What amount should Mike pay for one share of New Century stock?

i. $21.00

ii. $16.15

iii. $ 16.64

iv. $21.63