Virtual Travel's stock announced that the next dividend is going to be $2.00. The dividend is expected to grow by 15% in year 2 and 10% in year 3, and thereafter grow at a constant rate of 5% forever. If the required return for the stock is 12%, what is the maximum that you would be willing to pay for this stock today?

A) $37.95

B) $29.54

C) $44.78

D) $36.32

E) $32.43