A financial analyst evaluating a companys common stock has gathered the following data. Current dividend per share is $5. 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:

$36.90

$62.13

$46.90

$65.43

None of these