Company A has been listed on NYSE for five years. This company has never paid any dividend to its shareholders. It is expected that five years from now, the company will start to issue annual dividend. Suppose the first dividend is $1 per share. The dividend will grow at 20% per year for three years. After that, the growth rate will be 3% forever. Assume the appropriate discount rate is 12%. What is the price of Company A's stock today?

$19.2

$10.5

$20

$15.4

$18