Lim Ltd just paid a dividend of $1 per share. The companys dividend is expected to grow by 20% in the first year and 15% in the second year. From Year 3 onwards, the dividend is expected to grow at a constant rate of 5% forever. The required rate of return is 12%.

What is the current price of the company share?

a) $18.67

b) $19.88

c) $22.87

d) $23.06