20.)

Company produces dividends in four consecutive years (starting with year 1) of 0.20, 0.42, 0.66 and 0.82, respectively. The dividend in year five is estimated to be 0.96 and should grow in perpetuity at 4%. Given a discount rate of 14%, what is the price of the stock?

		$14.08
		$18.08
		$7.11
		$10.80
		$9.60