Leslie's Unique Clothing Stores offers a common stock that pays an annual dividend of $1.70 a share. The company has promised to maintain a constant dividend. How much are you willing to pay for one share of this stock if you want to earn a 11.50 percent return on your equity investments?
i) $6.76
ii) $9.80
iii) $13.20
iv) $14.78
v) $19.55