Consider the previous question where a company just paid an annual dividend of $0.60. Dividends are expected to grow by 25% in 1 year and by 20% in the second year. After that, dividends are expected to continue to grow at an annual rate of 10% indefinitely.

If the market's required rate of return on this stock is 15% per year. What is the appropriate current price per share?

• A.$16.30
• B.$19.80
• C.$21.13
• D.$52.80
• E.$30.80