CDQ Products Inc. has decided that its dividend policy should reflect company growth. They indicate that the first quarterly dividend they intend to pay will be $0.80 per share 3 years from today. Quarterly dividends will then increase at rate of 2% per quarter until the end of the 6th year and then grow at 1.2% per quarter thereafter. What share price should you pay for such a stock if you expect an effective annual return of 15% per year?

A) $81.25

B) $6.25

C) $18.84

D) None of the above

Without the use of excel