Dominica Co. just announced that it will commence paying annual dividends. It plans to pay $4.75 a year for four years, $4.25 a year for the following three years, and then cease paying dividends altogether. How much is one share of this stock worth to you today if you require a 6 percent rate of return?

a) $27.32

b) 25.46

c) 21.67

d) 23.15