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Square Industries does not expect to pay any dividends for the next three years. Four years from now, the firm hopes to pay $.

44. Square Industries does not expect to pay any dividends for the next three years. Four years from now, the firm hopes to pay $.60 a share and double that amount each year for the following three years. After that, the dividend is expected to increase in value by 3 percent annually. What is the value of this stock today if the required return is 12 percent?
a. $27.13
b. $29.30
c. $30.38
d. $31.76
e. $32.81

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