Time value of money -- Present value of a stream of payments with changing growth Company ABC just paid a dividend of $1.20 per share and the next dividend will be paid in one year exactly. During the next 8 years, ABC's dividend per share is expected to grow at the rate of 18% per annum. After 8 years, the dividend is expected to grow at the rate of 2% into perpetuity. That is, ABC's dividend will grow by 18% annually until the end of year 8. From year 9 and after, the dividend per share is expected to grow at the rate of 2% into perpetuity. What is the present value of this company's future stream of dividends if the appropriate interest rate is 13%? A. $21.96 B. $19.22 C. $32.95 D. $27.46