A stock just paid a dividend of D0 = $3.125/year. This dividend is expected to grow at: g1 = 20%/year for the next 3 years after that (i.e., Years 1, 2, & 3); and then at a constant rate of g2 = 5% after 3 years (i.e., Year 4 to infinity). Assume required rate of return r = 12%. What is the value of this stock?

$63.28

$68.43

$73.47

$79.26