Agarwal Technologies was founded 10 years ago. It has been profitable for the last 5 years, but it has needed all of its earnings to support growth and thus has never paid a dividend. Management has indicated that it plans to pay a $0.80 dividend 3 years from today, then to increase it at a relatively rapid rate for 2 years, and then to increase it at a constant rate of 8.00% thereafter. Management's forecast of the future dividend stream, along with the forecasted growth rates, is shown below. Assuming a required return of 11.00%, what is your estimate of the stock's current value? Use the dividend values provided in the table below for your calculations. Do not round your intermediate calculations.

Year	0	1	2	3	4	5	6
Growth rate	NA	NA	NA	NA	80.00%	50.00%	8.00%
Dividends	$0.0000	$0.0000	$0.0000	$0.8000	$1.4400	$2.1600	$2.3328

a. $48.96

b. $54.35

c. $45.54

d. $44.39

e. $50.21