Problem:
Bechtel Machinery stock currently sells for $65 per share. The market requires a 14 percent return on the firm's stock. The company maintains a constant 8 percent growth rate in dividends.
Required:
Question: What was the most recent annual dividend per share paid on this stock?
- $3.00
- $3.61
- $3.67
- $3.75
- $3.91
Note: Explain all steps comprehensively.