Peter Parker Pest Control will pay an annual dividend of $3.50 one year from now. The dividend is expected to grow at a 15% rate for the following 3 years and then settle down to a steady growth rate of 2% per year in perpetuity. If Peter Parkers required rate of return is 7%, what is the current value of a share of stock?

$91.09

$86.17

$97.47

$123.22

$94.83