Thomas Industries (TI) is a growth company that has never paid a dividend. The TI board of directors has decided to pay its first dividend two years from today. The first dividend will be $3.00 per share. Because of the growth expectations for the company, it is expected that the following three dividend payments will increase by 50% each year. Beyond that, the TI dividend is expected to grow at 7% annually. What is the value of TI if the required rate of return equals 13%? A. $100.09 B. $101.83 C. $106.69 D. $113.11