I am stuck on this one, How does the 3 years of Zero dividends paid affect the work? what is the final answer ?

Alpha Enterprises has just paid a dividend of $2 per share. The company then immediately announced that, due to expected cash flow issues from a large project, no dividends will be paid for the next three years. Dividends of $3, $4, and $5 per share will then be paid in each of the three years after that. Following these non-constant dividends, the company expect earnings and dividends to grow at 5% for the foreseeable future. The required return is 12% on the company's stock. What should we pay for one share of Alpha's stock today?

Select one:

a. $44.71

b. $45.51

c. $46.71

d. $81.71

e. $87.00

Thank you,