Hadlock Healthcare expects to pay a $3.00 dividend at the end of the year (D1 = $3.00). The stocks dividend is expected to grow at a rate of 15 percent a year until three years from now (t = 3). After this time, the stocks dividend is expected to grow at a constant rate of 4 percent a year. The stocks required rate of return is 11 percent. What is the price of the stock today?

Group of answer choices

48.33

54.48

46.32

51.50