DBP Inc. just paid a dividend of $0.52. The expected growth rate of dividend is 3 percent. The required return for investors in the first three years is 12 percent and 10 percent for the following three years. After those six years the required return is 8 percent. What is the current share price of the stock?

Answer choices

a) $8.87

b) $9.75

c) $9.23

d) 9.55

**NOTE** please show full explanation with formula so i can understand better how to work this problem for future reference