1) Staton-Smith Software is a new start up company and will not pay dividends for the first five years of operation. It will then institute an annual cash dividend policy of $3.50 with a constant growth rate of 4%, with the first dividend at the end of year six. The company will be in business for 25 years total. What is the stocks price if an investor wants

a) a return of 11%

b) a return of 13%

c) a return of 23%

d) a return of 35%?