This question is based on the following information: You are trying to estimate the intrinsic value of the shares of Flying High Ltd, a manufacturer of unmanned aerial vehicles, or drones. The company is headquartered in Melbourne, and sells its drones throughout Australia and New Zealand. It is a public company, but is not yet listed on the stock exchange. There are 20,000 shares outstanding. The firm pays an annual dividend. The most recent dividend was $2.41. The required rate of return is 19.96%. Unfortunately the reduction in government regulation now means that there will competition from imported drones, which will reduce projected growth. You now conclude that the dividend will grow at 6.6% for the next 4 years and will then settle down to a constant growth rate of 1.7% in perpetuity. This means that the next 5 dividends will be as follows: Div1: $2.57 Div2: $2.74 Div3: $2.92 Div4: $3.11 Div5: $3.16 The terminal value - the value of all dividends from Div5 onwards, as at Year 4, will be $17.31. What will be the value of the share under a 2-stage dividend discount model? a. $13.29 b. $14.23 c. $15.59 d. $13.81