Nonconstant growth valuation

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Trivoli Industries just paid a dividend of D₀ = $2.00.Analysts expect the company's dividend to grow by 25% this year, by 10% in Year 2, and at a constant rate of 3% in Year 3 and thereafter.The required return on this low-risk stock is 7.00%.What is the best estimate of the stocks current market value?

a.$51.50

b.$57.98

c.$62.50

d.$66.59

e.$68.75