Exercise Bicycle Company is expected to pay a dividend in year 1 of $1.20, a dividend in year 2 of $1.50, and a dividend in year 3 of $2.00. After year 3, dividends are expected to grow at the rate of 8% per year. An appropriate required return for the stock is 14%. The stock should be worth _______ today.

A. 36.00

B. 32.42

C. 27.86

D. 24.43

E. None of the above