Daisy Card Co. expects highly volatile earnings for the next four years, and then it expects earnings to level off to their normal rate of 8%. Dividends and earnings are expected to grow at 20% for years 1 and 2, -5% for year 3, and 15% in year 4. The last dividend paid by Daisy 's was $2.00. An investor determines the required rate of return using the Capital Asset Pricing Model and collects the following data. Beta for Daisy Card Co. is 1.2; the risk-free rate is 3.0%; and the equity risk premium is 7.5%. The price the investor is willing to pay for the stock is closest to:

Group of answer choices

$79.81

$69.71

$62.37

$55.30

$51.70