A firm has just paid (the moment before valuation) a dividend of 88C and is expected to exhibit a growth rate of 15% for five years, after which the growth rate will decrease to 5% forever. After five years, the payout ratio will increase from its present 30% to 50%. If the appropriate discount rate is 12%, what is the value of the stock? A) 23.88 B 25.88 C 27.88 D 29.88 31.88