Combined Communications is a new firm in a rapidly growing industry. The company is planning on increasing its annual dividend by 22 percent a year for the next 4 years and then decreasing the growth rate to 5 percent per year. The company just paid its annual dividend in the amount of $1.30 per share. What is the current value of one share of this stock if the required rate of return is 8.50 percent?

$61.75

$54.05

$58.29

$69.37

$67.79