You are considering purchasing stock in Canyon Echo. You feel the company will increase its dividend at 4.7 percent indefinitely. The company just paid a dividend of $3.38 and you feel that the required return on the stock is 10.9 percent. What is the price per share of the company's stock?
a.$54.22
b.$57.08
c.$51.37
d.$31.01
e.$54.52
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