A company just paid a dividend of $3.12 and has a history of increasing its dividends by 4.5% every year. You believe that an appropriate discount rate for the next 3 years is 12%, then 10% for the following next 3 years, and then 8% thereafter. What is the price of the stock?

a. $78.02

b. $36.92

c. $91.85

d. $43.47