Dr. Lee plans to add Sony, Inc. stock to his investment portfolio. The stock just paid a dividend of $1.50. He expects that the dividend will grow at 20% for the next two years and 4% forever after that. Assuming a discount rate of 12%, Dr. Lee knows that Sony, Inc stock is worth $______. a. 22.83 b. 25.71 c. 29.42 d. 33.16 e. 37.50