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 Corp.s 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 11.4% on investments of this risk, what is the maximum you would be willing to pay?

Group of answer choices

$22.76

$20.98

$21.50

$22.00

$23.00