Delta Inc is preparing to alter its dividend payout structure due to financial distress. The company plans to pay a dividend every other year for the next four years. The first dividend payment of $5 per share will occur two years from today. Each subsequent dividend paid over this four year period will be 10% greater than the previous dividend paid. After four years, Delta's dividend is expected to grow at a constant 5% rate, indefinitely. Investors require a 20% rate of return. Find the value of the stock today. Round intermediate steps to four decimals.

a. 21.60

b. 33.97

c. 36.41

d. 24.69