Holdom Corporation's next dividend will be $2.45 per share. The company will increase its dividend 20% the year after and will then reduce its dividend growth rate by 5 percentage points per year until it reaches the industry average of 5% dividend growth, after which the company will keep a constant growth rate forever. If the required return for investors is 11%, what will a share of stock sell for today?

Multiple Choice

$54.20

$56.11

$52.39

$50.48

$58.02