Celec's common stock paid a dividend of $3.60 in the year just ended. If you estimate that Celecs dividend will grow at a rate of 25% in the coming year, 20% in year two, 12% in year 3 and at a rate of 6% annually thereafter, what is the value of celecs stock given a required rate of return of 14 percent?

$58.45

$63.84

$56.47

$66.27

$70.20