The Monroe Corporation just paid a dividend of $2.65 per share. The company will increase its dividend by 20% next year and will then reduce its dividend growth to 15% in year 2 and then to 10% in year 3 after which the company will maintain a constant growth rate of 5% thereafter. If the required return is 12%, what is the value of the stock today?

a. Greater than $50.00

b. Between $48.00 - $50.00

c. Between $46.00 - $48.00

d. Between $44.00 - $46.00

e. Between $42.00 - $44.00

f. Less than $42.00