31. ABC Inc plans on paying its first dividend of $3 at the end of year 4 and will then grow it by 25% per year for 2 years. In year 7, it will begin decreasing the dividend by 0.8% per year indefinitely. If investor's require a return of 18.5% on the stock, what is the stock's value today?

a. $14.52

b. $13.52

c. $10.70

d. $14.46

e. None of the above