What comes closest to the value today of a stock that just paid a dividend of $1.20 and expects to grow that dividend by 7.00% per year in year 1 and year 2, and then grow but will then see the growth in dividends fall to 1.50% in the third year and will continue to grow at that lower rate each year thereafter forever. Using a required rate of return of 5.25%, provide an estimate of the price of the stock. $32.00 $68.57 $32.48 $36.03 $34.35