Lifecycle Motorcycle Company is expected to pay a dividend in year 1 of 1, a dividend in year 2 of $2, and a dividend in year 3 of $4. After year 3, dividends are expected to grow at the rate of 5% per year. An appropriate required return for the stock is 12%. Using the multistage DDM, the stock should be worth ________ today.

A. 70.41

B. 51.61

C. 49.73

D. 48.04