1. The current dividend of BYD Co. is $1.25. Analysts expect that BYD's dividends will grow at 15% for six years (until year 6). Its dividend of year 7 will grow at 5% from its year 6 dividend, and the dividend growth will remain at 5% in perpetuity. Suppose the equity cost of capital for BYD Co. is 17%. The current stock price of BYD Co. is closest to

   	A.	$32.36
   	B.	$38.83
   	C.	$15.49
   	D.	$16.93