NeoTech is a young firm in a rapidly growing industry. The company is planning on increasing its annual dividend by 15% a year for the next four years and then decreasing the growth rate to 5% per year. The company just paid its annual dividend in the amount of $2.72 per share. What is the current value of one share if the required rate of return is 13%?

$49.67

$49.15

$48.79

$50.36

$50.72