a firm is expected to pay dividends by 20% in year 1,15% for the next three consecutive years, and then the dividends will increase by 5% forever. calculate the value of the stock today. the most recently paid dividend was $2 and the required rate of return is 12%.

a) 47.38

b) 74.39

c) 43.70

d) 34.69

e) 28.69