A company has a 11.00% required rate of return and will not pay any dividends for the next seven years. At the beginning of year 8, it will pay a dividend of $2.50 per share. The dividend (always paid at the beginning of a year) is expected to grow at 7.50% annually from that point onwards. Calculate the stock price today. $37.23 $38.19 $39.14 $40.10 $41.05