Arcs and Triangles paid an annual dividend of $1.47 a share last month. The company is planning on paying $1.52, $1.58, and $1.60 a share over the next three years, respectively. After that, the dividend will be constant at $1.65 per share per year.What is the market price of this stock if the market rate of return is 12 percent?

a. 13.98

b 14.07

c. 13.54

d. 14.16

e. 15.01