What comes closest to the value today of a stock that just paid a dividend of $1.35 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 2.25% in the third year and will continue to grow at that lower rate each year thereafter forever. Using a required rate of return of 6.50%, provide an estimate of the price of the stock.

		$31.76
		$270.00
		$32.48
		$33.50
		$35.50