1. Deluxe Company expects to pay a dividend of $2 per share at the end of year 1. $3 per share at the end of year 2. and then be sold for $32 per share at the end of year 2. If the required rate of return on the stock is 15%, what is the current value of the stock?

a. $32.17

b. $32

c. $29.18

d. $28.20