Archie Company is growing quickly and does not currently pay a dividend. It expects to pay annual dividends of $0.00, $0.25, $0.75, and $1.25 per share in Year 1, Year 2, Year 3 and Year 4, respectively. After that, the dividend is expected to grow at a constant & perpetual rate of 6% per year. What is the current price of Archie Companys stock if the required return is 9% ?

$45.84

$31.29

$32.08

$32.96

$32.17