A stock will pay a dividend per share of U.S.$ 1.50 next year (i.e., Year 1), U.S.$ 1.75 in two years (i.e., Year 2), and U.S.$ 2.00 in three years (i.e., Year 3). After these three years, dividends per share will grow at the annual rate of 4 percent indefinitely. The required return on this stock is 12 percent. What is the current value of this stock?

$ 20.68

$ 24.85

$ 22.66

$ 28.11

$ 31.07