ART Company just paid a dividend of $2.00. The dividend is expected to grow by 10% this year, 9% in year two and 6% in year three. Then, beginning in year four, the dividend will begin growing at a constant rate of 4%. With a required return of 10%, what is the stock worth today?

a. $34.47

b. $26.30

c. $29.82

d. $38.99