NU YU announced today that it will begin paying annual dividends. The first dividend will be paid next year in the amount of $.61 a share. The following dividends will be $.66, $.81, and $1.11 a share annually for the following three years, respectively. After that, dividends are projected to increase by 4 percent per year. How much are you willing to pay today to buy one share of this stock if your desired rate of return is 14 percent?

a.$9.08

b.$2.27

c.$12.01

d.$11.54

e.$12.15