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. At what price can I sell this stock immediately after I receive the dividend of Year 5?

$ 17.87

$ 18.51

$ 22.66

$ 16.52

$ 28.12