An analyst for a small European investment bank is interested in valuing stocks by calculating the present value of its future dividends. He has compiled the following Earnings per Share (EPS) for Ski, Inc year is $4.00, year 1 is $6.00, year 2 is $9.00 and year 3 is $13.5. Note: Shareholders of Ski, Inc., require a 20% return on their investment in the high growth stage compared to 12% in the stable growth stage. The dividend payout ratio of Ski, Inc. is expected to be 40% for the next three years. After year 3, the dividend payout ratio is expected to increase to 80% and the expected earnings growth will be 24. Using the information contained in the table, what is the value of Ski, Inc's stock? Select one: a $110.16 b. $39.50 C571.38 d. $43.04.X