When a syndicate of VCs invests in a venture, the investor in charge of organizing the due diligence process is known as the "lead investor."

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Indicate whether the statement is true or false.

Crosby Inc. has an 11% required rate of return. It does not expect to initiate dividends for 20 years, at which time it will pay $4.00 per share in dividends. At that time, Crosby expects its dividends to grow at 6% forever

What is an estimate of Crosby's price in 20 years (P20) if its dividend at the end of year 20 is $4.00? A) $34.80 B) $55.00 C) $57.50 D) $84.80