Texas Instrument currently (2003) does not pay a dividend. However, the company is expected to pay a $1.00 dividend two years from today (2005). The dividend is then expected to grow at a rate of 20 percent a year for the following three years. After the dividend is paid in 2008, it is expected to grow forever at a constant rate of 7 percent. Currently, the risk-free rate is 6 percent, market risk premium (km-krp) is 5 percent, and the stock's beta is 1.4. What should be the price of the stock today? $20.16 $30.82 $21.20 $28.80 $22.91