A company is expected to increase dividends by 20% in year 1, and by 15% in year 2, after that, dividends will increase at a rate of 5% per year indefinitely. If the last dividend was $1, and the required return is 15%, what is the current price of the stock? (Hint: current price will be from NPV)

a. $6.90

b. $8.67

c. $9.66

d. $11.10

e. $13.04