The annual growth in dividends of Music Doctors, Inc. is expected to be:

8% starting year 0 till year 2

6% starting year 2 till year 5

3% starting year 5 and thereafter

The required rate of return on Music Doctors, Inc. is 11%

Last year's dividends per share were $2.75

What is the price of Music Doctors, Inc. today?

A) $38.70

B) $40.81

C) $41.60

D) $44.35

E) none of the above