A stock is expected to pay a dividend of $0.50 at the end of the year (D_1 = 0.50), and it should continue to grow at a constant rate of 5% a year. If its required return is 12%, what is the stock's expected price 3 years from today? a. $6.76 b. $7.03 c. $7.31 d. $8.27 e. $8.68