A7X Corp. just paid a dividend of $1.32 per share. The dividends are expected to grow at 12 percent for the next eight years and then level off to a growth rate of 2.5 percent indefinitely. If the required return is 8 percent, what is the price of the stock today?

Select one:

A. $28.85

B. $60.91

C. $64.18

D. $45.39

E. $52.87