Question $21$

$5$ pts

Apple Fruit Picking Inc. will pay a dividend of $$3\mathrm{.}00$ per share next year. The company pledges to increase its dividend by $2\mathrm{.}90$ percent per year indefinitely. If you require a return of $8\mathrm{.}30$ percent on your investment, how much will you pay for the company's stock today?

$$57\mathrm{.}78$

$$53\mathrm{.}33$

$$26\mathrm{.}03$

$$53\mathrm{.}99$

$$55\mathrm{.}56$