Caseys Sports Books currently pays a $2.30 common stock dividend. Dividends have been recently growing at a 12% annual rate and are expected to continue growing at this rate for the next 3 years. Thereafter the growth rate is expected to be 5% for the foreseeable future. What is the current value of Caseys common stock to an investor requiring an 14% rate of return?

18.40

28.98

32.11

28.62