Multistage Growth A firm projects that dividends will grow at a rate of 10% per year for four years and then will grow at a rate of 4% per year forever. The stock's required return is 12% and the last annual dividend paid was $1.50. The most an investor should be willing to pay for this stock today is ______. (Watch your rounding, carry out dividends to four or more decimal places.)

$23.88

$28.55

$27.22

$21.94

and explain