Hudson Corporation will pay a dividend of $2.94 per share next year. The company pledges to increase its dividend by 4.5 percent per year indefinitely. If you require a return of 12 percent on your...

Hudson Corporation will pay a dividend of $2.94 per share next year. The company pledges to increase its dividend by 4.5 percent per year indefinitely. If you require a return of 12 percent on your investment, how much will you pay for the company’s stock today?