An equity analyst from Jefferies \& Co. expects Johnson \& Johnson (NYSE: JNJ) current annual dividend of $1.50 to grow by 25% in one year and by 15% for two consecutive years. The analyst then forecasts the initial non-linear supernormal dividend growth rate of 15% to decline linearly to a final and constant growth rate of 8% over a 10 -year period. Company's estimated cost of equity is 12%. Which of the following is closest to the estimate of the fair value of JNJ based on these inputs? $76.21 \$51.27 $54.75 $68.26