Solar Energy is a fast growing manufacturer of solar panels for home builders. The company just reported $4 earnings per share this past year. Assume that these earnings are expected to grow at a 15% growth rate for next two years. Also assume that after that, the earnings growth rate is expected to decline to an estimated long-term perpetual growth rate of 5%. Solar has not been paying any regular dividends yet, but it is expected that two years from now the company will pay its first dividend. The dividend payout is expected at 40% from the expected earnings at that time. If the cost of equity capital for Solar Energy is 13%, what is the value estimate of its stock price today given the assumptions?

A. $62.58

B. $23.41

C. $28.19

D. $68.23

E. $26.45