Tektronix is a new firm in a rapidly growing industry. The company is planning on increasing its annual dividend by 10% a year for the next two years and then decreasing the growth rate to 5% per year. The company just paid its annual dividend in the amount of $1.00 per share. What is the current value of one share if the required rate of return is 8.00%?

$29.90 $34.72 $38.36 $42.04 $46.51