1. Stock D will pay a dividend of $3 per share next year, after that dividends will grow by 15% for 2 years due to rapid expansion. In the end of the 3rd year the dividends of company D are expected to grow at a constant rate of 4%. If the investors required rate of return is 12%, stock D intrinsic value today is closest to:

   		$45
   		$52
   		$57
   		$66