Essler Manufacturers made two announcements concerning its common stock today. First, the company announced that the next annual dividend will be $1.75 a share. Secondly, all dividends after that will decrease by 1.5 percent annually.
What is the maximum amount you should pay to purchase a share of this stock today if you require a 14 percent rate of return?
1. $11.29
2. $12.64
3. $13.27
4. $14.00
5. $14.21
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