Question: Fortnum announced today that it will begin paying annual dividends next year. The dividend will be $0.12,$0.15,$0.20,$0.50, and $0.75 a share annually for the next

Fortnum announced today that it will begin paying annual dividends next year. The dividend will be $0.12,$0.15,$0.20,$0.50, and $0.75 a share annually for the next 5 years, respectively. After that, dividends are projected to increase by 2 percent per year. How much are you willing to pay to buy one share of this stock today if your desired rate of return is 7 percent? Select the choice that is closest to your answer. $12.17$12.23$12.45$12.78

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