Consider the following three stocks.

1. Stock A is expected to provide a dividend of $10 a share forever.

2. Stock B is expected to pay a dividend of $5 next year. The dividend growth is expected to be 4%

   per year forever.

3. Stock C is expected to pay a dividend of $5 next year. The dividend is expected to grow by 20%

   annually for 5 years (i.e., until year 6) and then pay no dividend forever.

If the discount rate for each stock is 10%, which stock is the most valuable?