Celec's common stock paid a dividend of $3.50 in the year just ended. If you estimate that Celec's dividend will grow at a rate of 18% in the coming year, 15% in year two, 12% in year 3, and at a rate of 6% annually thereafter, what is the value of Celec's stock given a required rate of return of 11%?

$93.92

$56.47

$66.27

$70.20

$84.45