MBA Inc. will pay a dividend for the first time at the end of 2013. It projects the following dividend per share: 2013 $1.50 2014 $2.00 2015 $2.50 Beginning with 2016 dividends will grow at 4% per year. The required rate of return is 12%. The intrinsic value of MBA shares is A) $38.50. B) $28.96. C) $27.85. D) $25.37. Explain without using excel please. Use formulas to show work