14. The last dividend just paid by Romanis & Company was $1.00. The company's dividend growth rate is expected to be a constant 25% for the next 3 years, after which dividends are expected to grow at a rate of 12% forever. The stockholders' required rate of return is 14%. What is the equilibrium price of the stock?

a. $78.44

b. $77.44

c. $68.38

d. $72,19