Eighteen years ago, Midway Games began manufacturing and selling coin-operated arcade games. Dividends are currently $2.80 per share, having grown at a 15 percent compound annual rate over the past 12 years. That growth rate is expected to be maintained for the next 3 years, after which dividends are expected to grow at half that rate for 2 years. Beyond that time, Midway Games' dividends are expected to grow at 5 percent per year. What is the current value of a share of Midway Games common stock if your required rate of return is 20%? $25.75 $34.45 $20.63 $23.44