A financial analyst evaluating a companys common stock has gathered the following data. Current dividend per share is $2. Dividend growth rate expected during the first 2 years is 20%. The dividend growth rate expected from Year 3 onward is 4%. The required rate of return on equity is 15%. The intrinsic value per share of this common stock is:

$26.52

$17.80

$11.90

None of these

$24.85