Sales and profits of Growth Inc. are expected to grow at a rate of 25% per year for the next six years but the company will pay no dividends and reinvest all earnings. After that, the dividends will grow at a constant annual rate of 7%. At the end of year 7, the company plans to pay its first dividend of $3.00 per share. If the required return is 16%, how much is the stock worth today?

	A.	$20.52
	B.	$13.68
	C.	$22.80
	D.	$18.24
	E.	$25.08
	F.	$15.96