Shane purchased a stock this morning at a cost of $13 a share. He expects to receive an annual dividend of $0.27 a share next year. What will the price of the stock have to be one year from today if Shane is to earn a 8 percent rate of return on this investment?
A. $13.77
B. $14.28
C. $12.38
D. $12.88
E. $12.60
Answer: A
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