Lodbrok Company just paid an annual dividend of $2 per share. The company will increase its dividends by 15 percent per year for the next 11 years, after that the company will keep a constant growth rate of 5 percent per year, forever. If the required return is 12 percent, what is the current stock price of Lodbrok Company?

a. $52.78

b. $65.99

c. $70,45

d. $59.46

e. $44.38