A firm expects to increase its annual dividend by 20 per year for the next two years and by 15% per year for the following toe years. After that, the company plans to pat a constant dividend of $3.00 per share. The last dividend paid was $1.00 per share. What is the current value of this shock if required rate of return is 12%?

a) $17.71

b) $18.97

c) $20.50

d) $21.08