A company is growing rapidly. The company is planning on increasing its annual dividend by 15.4% a year for the next five years and then decreasing the growth rate to 5% per year. The company just paid its annual dividend (Do) in the amount of $3.00 per share. What is the current value of one share if the required rate of return is 12% ? (Hint: it is useful to draw a timeline for future dividends) $64.27 $65.74 $67.21 $68.68 $70.15