Cats Co. presently pays no dividend. You anticipate Cats Co. will pay an annual dividend of $1.56 per share three years from today and you expect dividends to grow by 3% per year thereafter. If Cats Co.'s equity cost of capital is 12%, then the value of a share of Cats Co. today is:

Select one:

a. $17.33

b. $13.82

c. $12.34

d. $15.47