The Market Place recently announced that it will pay its first annual dividend three years from today. The first dividend will be $0.05 a share with that amount quadrupling each year for the following four years. After that, the dividend is expected to increase by 1 percent annually. What is the value of this stock today if the required return is 20 percent. $24.08 $80.84 $7.22 $68.08 $17.01