ABC Corporation will not pay any dividend in the next two years. It will pay its first dividend of $0.30 at the end of the third year. The dividend of $0.30 will grow at a rate of 10% for four years until the end of year 7. After that the growth will slow down to 5% forever. The required rate of return is 15%. What is the price of the stock today?

A) $2.55

B) $2.64

C) $2.98

D) $3.14

E) $3.32