Expected Price $-$ Non$-$Constant Dividend Growth.

You have just completed an analysis of a manufacturing company. You used the Capital Asset Pricing Model to determine that the required rate of return is $11\mathrm{.}0\%.$

The last dividend paid was $$2\mathrm{.}20.$ If the dividend grows $18\%$ for a year, $9\%$ in year $2,$ and $5\%$ a year thereafter, what is the expected price today?

a$.$ $$44\mathrm{.}83$

b$.$ $$42\mathrm{.}52$

c$.$ $$40\mathrm{.}90$

d$.$ $$46\mathrm{.}40$

e$.$ $$50\mathrm{.}85$