1. Apex Co. stock just paid $1 dividend per share. The market expects that the dividend will grow at 5% annually for the next 2 years and then 3% annually forever. Assuming a required return of 10% per year, how much is the present value of the stock? (please round to cent)

1. $14.05
2. $16.22
3. $14.29
4. $15.00
5. $19.51

(Every time I do this question I get 15.27 Just wanted to find out f the answer were written incorrectly, or if I am missing some key factor)