A company plans to pay no dividends until 4 years from now. At that point, the company will pay a dividend of $2 (i.e. D4=$2). In 5 years, the company will pay a dividend of $3 (i.e. D5=$3). After that, dividends will increase by 5% per year forever. The required return on the stock is 10%. What is the stock's value today?

a $0

b $42.35

c $38.79

d $63