A share of stock just recently released a dividend for $1.48 per share, and has expected growth rate of 1.30% in the next year, 3.20% in the second year, 2.20% in the third year and 1.80% in the fourth year. Finally the firm expects the growth to become 5.00% long-term thereafter. Given that the expected discount rate on these bonds is 14.40%, what is the expected price of this stock?

a. $11.44

b. $12.07

c. $14.99

d. $14.89