A company is expecting its sales to decline and has announced that it will be reducing its annual dividend by 7.00% a year for the next two years. After that, it will maintain a constant dividend of $1.00 a share. Just recently, the company paid a dividend of $3.00 per share. What is this stock worth if you require a 11.00% rate of return?

	$11.70
	$12.00
	$12.30
	$12.60
	$12.90