A rapidly growing high technology company paid its first dividend of $1.50 per share a few days ago. The company plans to increase the dividend by 25 percent for each of the next 5 years. Thereafter, the dividend is expected to grow annually at 4 percent. Based on the Capital Asset Pricing Model (CAPM), the markets required return for the stock is 12 percent. How much should an investor be willing to pay for this stock if her personal required return is 20 percent?

Group of answer choices

$32.54

$44.50

$20.53

$34.04