You expect Carter State Bank to pay a $6 dividend at the end of period 1, $7 at the end of period 2, and then plan to sell the stock for a price of $150 per share. What is the value of the stock according to the Dividend Discount Model (DDM) if the relevant discount rate to capture risk is 11%?

a) 74.60

b) 91.80

c) 103.62

d) 132.83

e) 145.28