The Bell Weather Co. is a new firm in a rapidly growing industry. The company is planning on increasing its annual dividend by 16 percent a year for the next 4 years and then decreasing the growth rate to 4 percent per year. The company just paid its annual dividend in the amount of $2.30 per share. What is the current value of one share of this stock if the required rate of return is 7.80 percent?

(a). $113.97

(b). $95.49

(c). $84.40

(d). $97.79

(e). $116.27