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) Question 2 options:

a. 14.05

b. 14.29

c. 19.51

d. 16.22

e. 15.27