PLEASE DO NOT USE EXCEL. Explain every single formula you used in your work. Refer to the non$-$constant growth model.

You are considering the purchase of a common stock that paid a dividend of $$2\mathrm{.}00$ yesterday. You expect this stock to

have a growth rate of $15$ percent for the next $3$ years. The growth rate after year $3$ is expected to be $10$ percent per year

forever If you require a $14$ percent rate of return, how much should you be willing to pay for this stock? Assume that

the $($i$)$ current date is January $1$ and $($ii$)$ dividends are paid annually at the end of each year.

A$.$ $$89\mathrm{.}75$

B$.$ $$56\mathrm{.}46$

C$.$ $$83\mathrm{.}65$

D$.$ $$62\mathrm{.}57$