Combined Communications is a new firm in a rapidly growing industry. The company is planning an increasing its annual dividend by 10 percent per year for the next 3 years and then maintaining an indefinite growth rate of 3 percent. The company just paid its annual dividend in the amount of $1.50 per share. What is the current stock price if the required return is 12 percent? $17.81 $22.85 $15.37 $19.32 $20.60