General Importers announced that it will pay a dividend of $3.90 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 6 years. Then, 8 years from today, the company will begin paying an annual dividend of $2.00 forever. The required return is 11.9 percent. What is the price of the stock today?

$11.14

$10.32

$16.81

$3.49

$12.05