Voyageurs Co. just announced that it will commence paying annual dividends. It plans
to pay $4.75 a year for four years, $4.25 a year for the following three years, and then
cease paying dividends altogether. How much is one share of this stock worth to you
today if you require a 7 percent rate of return?
? $24.60
? $26.17
O $28.45
$22.82