ABC currently pays no dividends. Today, the firm announced that it will pay its first dividend of $1 per share in four years, then $1.70 in each of the following three years, and the subsequent dividends are expected to grow at a constant rate of 5 percent per year. What is the stock price today if the discount rate is 10%?

a) $17.93

b) $21.89

c) $19.40

d) $34.73