Multistage Growth At the beginning of 2010 stock of Boatright Stores is projecting the following dividends

Year	Dividend
2010	1.35
2011	1.51
2012	1.67

After this dividend growth will be steady. Value Line forecasts a retention rate of 10% and a long term ROE of 6%. The required return for Boatright is 14%. The intrinsic value of Boatright is ________.

a) $11.94

b) $10.79

c) $-3.09

d) $-0.85