Which of the following stocks is most likely to be priced highest? Assume that all stocks pay $3 dividend per share per year and are the same in all other aspects.

a)A stock whose annual dividend is expected to grow by 12% for the first two years and then 4% thereafter, with the discount rate of 12%.

b)A stock whose annual dividend is expected to not grow, with the discount rate of 12%.

c)A stock whose annual dividend is expected to grow by 4% per year forever, with the discount rate of 12%.