A stock's last dividend was $1.84 per share and the dividends are expected to grow 32% per year for three years. Thereafter, the dividends are expected 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 intrinsic value per share? A) $54.45 B) $48.78 C) $46.96 D) $53.26 E) $52.31