Intel just paid a $3.14 dividend, and it is expected to grow at 6.25% for the next 4 years. After 4 years the dividend is expected to grow at the rate of 4.26% indefinitely. If the required return is 7.77%, the value of the stock is closest to

1. $200.65.

2. $177.47.

3. $146.41.

4. $100.24.