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 6.9%. 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 $3.70. 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 1.3; the risk-free rate is 2.0%; and the equity risk premium is 9.0%. The price the investor is willing to pay for the stock is closest to:

Group of answer choices

$55.30

$79.81

$62.37

$51.70

$69.71