A stock's last dividend (D0) was $1.84 per share and the dividends are expected to grow 32% per year for three years. Thereafter, investors expect the dividends to grow at a constant rate of 6.5% per year. If investors require a return of 13.4% per year to hold the stock, what is its value per share? 1) $46.96 2) $53.26 3) $48.78 4) $54.45 5) $52.31