Staton-Smith Software is a new start-up company and will not pay dividends for the first five years of operation. It will then institute an annual cash dividend policy of $4.75 with a constant growth rate of 4% with the first dividend at the end of year six. The company will be in business for 25 years total. What is the stock price if an investor wants

a. a 12% return?

b. a 15% return?

c. a 23% return?

d. a 35% return?