21. Suppose Ford Motor Company plans to pay a dividend of $3.50 in one year and $3.00 in two years. Afterward, the company will not pay any dividend for 10 years. At time 12, the company will pay a dividend of $3.25 per share and will increase the dividend by 2.00% every year thereafter. If Fords equity cost of capital is 12.00%, what is its current price?

(a) $38.02 (b) $16.27 (c) $13.86 (d) $14.86