A stock pays dividends of $1.00 at t = 1. (D₁ is provided here, not D₀) It is growing at 20% between t =1 and t = 2, after which the growth rate drops to 13%, and will continue at that rate into the future. If the discount rate for this stock is 15%, what should be the value of the stock at t = 0? Hint: Make a diagram indicating ranges of the growth rates and the resulting dividends.

		$53.04
		$21.74
		$55.70
		$58.41
		$61.16