25. DMXs last dividend, D0, was $0.50, and the company expects to experience no growth for the next 2 years. However, DMX will grow at an annual rate of 5% in the third and fourth years, and, beginning with the fifth year, it should attain a 10% growth rate that it will sustain thereafter. DMX has a required rate of return of 12%. What should be the price per share of DMX stock at the end of the second year?

A. $19.98

B. $25.08

C. $31.21

D. $19.48

E. $27.55