Michelak's Maritime Industries has relatively stable earnings and pays an annual dividend of $3.00 per share
This dividend has remained constant over the past few years and is expected to remain constant for some time to come. If you want to earn 11% on an investment in the common stock of Michelak's, how much should you pay to purchase each share of stock?
A) $12.50
B) $18.88
C) $20.83
D) $27.27
Answer: D
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