Firm XYZ expects to earn $5 per share next year. In the next three years, the firms ROE is expected to be 12% and it is going to payout all dividends every year (DPR=100%). Starting from the fourth year, the firm's ROE is expected to increase to 20%, and the firm will set the dividend payout ratio = 50%. Assume that the discount rate is 25%. Find the stock price

A. 17.31

B. 18.29

C. 16.24

D. 15.67