Nes Tech is expanding rapidly. As a result, the company expects to pay annual dividends of $.62, .90, and $2.1 per share over the next three years, respectively. After that, the dividend is projected to increase by 3 percent annually forever. What is the current value of this stock if the required return is 16 percent?

a.

$19.67

b.

$6.58

c.

$17.63

d.

$13.21

e.

$8.49