Assume that you are using the dividend discount model (the Gordon Growth Model) to value stock. The stock currently pays no dividends, but expected to begin paying dividends of $4 in five years. The firm's cost of equity is 11%. Suppose the stock is expected to grow at a rate of 9% for the next four years that it started paying dividends, then slows to a long-term growth rate of 3%, how much is that stock worth today?

Group of answer choices

< $30

> $45

$30-$35

$40-$45

$35-$40