Butzke Enterprises recently paid a dividend, D ₀, of $2.00. It expects to have nonconstant growth of 30 percent for 2 years followed by a constant rate of 8 percent thereafter. The firms required return is 11 percent. What is the stocks intrinsic value today?

a.

$103.84

b.

$94.06

c.

$126.77

d.

$86.67

e.

$127.66