The Johnston Company will pay an annual dividend of $2.25 next year. The company has increased its dividend by 3.25 percent a year for the past twenty years and expects to continue doing so. What will a share of this stock be worth 15 years from now if the required return is 12 percent?

A) $41.55

B) $25.68

C) $38.31

D) $44.01

E) $36.19