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A company is planning on increasing its annual dividend by 10.25% a year for the next three years and then settling down to a constant

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A company is planning on increasing its annual dividend by 10.25% a year for the next three years and then settling down to a constant growth rate of 5.25% per year in perpetuity. The company just paid its annual dividend in the amount of $1.35 per share. What is the current stock price if the required rate of return is 20.25%? $9.64 $9.91 $10.18 $10.45 $10.71

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