A stock you have been following for a while is priced around $48. Its most recently paid dividend was $2.65, and recently management has made a fuss...

A stock you have been following for a while is priced around $48.50. Its most recently paid dividend was $2.65, and recently management has made a fuss of growing that dividend by 2.0% per year. For the past few years, you have been able to earn a steady 8.0% return on your funds invested in stocks. Given that, what is a decent price you would be willing to pay for this stock?