DEF Corp. is expected to pay $3.50 per share dividend one year from now, $4.00 per share two years from now, and $4.60 per share three years from now. DEF Corps stock is expected to be traded (i.e. sold and bought) at $15.60 three years from now, after that year's dividends have been paid. If you require a return of 11.1% on investments of this risk, what is the maximum you would be willing to pay? $22.45 $20.98 $21.12 $20.00 $23.00