KNJ companies is preparing to pay annual dividends of $1.48, $1.60, and $1.75 a share over the next three years , respectively. After that, the annual dividend will be $1.90 per share indefinitely. what is the stock worth to you per share if you require a return of 14.6 percent?

a. $11.47 b. $12.03 c. $12.32 d. $12.21 e.$11.22