Please answer this question with calculation. Thanks!

XYZ stock recently paid a dividend of $2.50. The dividend is expected to grow at a rate of 8% next year and 5% the following year. After two years, the dividend will grow at a rate of 4% in perpetuity. The required return is 13% and the stock is currently selling at a price of $32.23 per share. What is the expected return for XYZ?

A. 9.36%

B. 9.60%

C. 9.83%

D. 8.89%