Please explain your choice.

Assume a company has an annual dividend of $2.00 per share. It is expected to grow that dividend at a rate of 10% p.a. over the next two years and then at a rate of 7% p.a. thereafter. Assuming the market's required rate of return for this company's stock is 15% p.a.: its implied valuation using a dividend discount model is closest to: A. $27.50 B. $28.20 C. $28.90 D. $29.70