An all equity firm pays a dividend of $1 in first year, a dividend

of $2 in second year which then grows at a constant rate of 5% for the next ten years. After that, the company has promised to pay a fixed dividend of $4 annually. If the cost of equity is 15%, what is the share price? Select one: a. $20.33 b. $22.60 c. $23.25 d. $21.5