The XYZ Corporation just paid a cash dividend of $3.00 today (D₀). It is estimated that this firm's dividends will grow at 30% per year for the next two years. After this two year period the growth rate will drop to 6%for the foreseeable future. If you are considering buying XYZ's common stock, and, because of risks involved, require a return of at least 12%, what is the most you should be willing to pay for this stock (approximately)?

$53

$90

$65

$82

$79