ABC, Inc. currently pays no dividends. Today, the firm announced that it will pay its first dividend of $1 per share in four years, then $1.50 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 cost of capital is 10%?

		$17.93
		$34.73
		$31.50
		$19.40