Combined Communications is a new firm in a rapidly growing industry. The company is planning on increasing its annual dividend by 23 percent a year for the next 4 years and then decreasing the growth rate to 5 percent per year. The conpany just paid its annual dividend in the anount of $1.40 per share. What is the current value of one share of this stock if the required rate of return is 8.75 percent?

a) $71.84

b) $63.17

c) $54.83

d) $69.70

e) $59.41