ATEM Co. will pay dividends $3, $3, and $5, at the end of years 1, 2, and 3, respectively. After that, dividends will grow at 6% per year. If the required rate of return is 8%, what is the value of one share today?

1) $221.54

2)$219.68

3)$220.61

4)$217.83

5)$218.76