BioSci, Inc., a biotech firm, has forecast the following growth rates for the next three years: 30 percent, 25 percent, and 20 percent. The company then expects to grow at a constant rate of 4 percent for the future years. The company paid a dividend of $2.00 yesterday. If the required rate of return is 16 percent, what is the market value of this stock?

a. $31.05

b. $25.82

c. $28.81

d. $26.31