A company just paid a dividend of $3.00 per share. An investor estimates that the dividends will grow at 10% for the next 2 years. After that the dividend will grow at an annual rate of 5% to infinity. What is the current market price of the stock if the required rate of return is 12%. Hint: Read the question carefully and underline the clues)

A, $36.30

B. $67.31

C. $22.50

D. $40.00