3. A stock is expected to pay a dividend of $0.50 at the end of the year (i.e., D1 = 0.50). Its dividend is expected to grow at a constant rate of 9 percent a year, and the stock has a required return of 12 percent. What is the expected price of the stock four years from today? * O a) $ 5.46 b) $ 10 c) $13.11 d) $12.25 e) None of the above