a company expects to pay a dividend of $1.50 per share at the end of the year. For the next two years the growth rate expected to be 25% per year, after which the growth rate is expected to continue at a constant rate of 7% per year. Shareholders require rate of return if 12%. What is the price of the stock today?

A. $40.23

B. $45.03

C. $37.97

D. $36.38

E. $35.87