Davis and Sons just paid an annual dividend of $1.40. The company has increased their dividend by 2% a year for the past twenty years and expects to continue doing so. What will a share of this stock be worth five years from now if the required return is 12%?

a.	$15.89
b.	$16.09
c.	$15.77
d.	$15.46
e.	$14.28