General Importers announced that it will pay a dividend of $4.25 per share one year from today. After that, the company expects a slowdown in its business and will not pay a dividend for the next 5 years. Then, 7 years from today, the company will begin paying an annual dividend of $2.35 forever. The required return is 12.6 percent. What is the price of the stock today?

a) $3.77

b) $12.93

c) $18.65

d) $14.08

e) $11.90