Richmond Inc is preparing to alter its dividend payout structure due to financial distress. The company plans to pay a dividend every other year for ther next five years. The first dividend payment of $2 per share will occur one year from today. Each subsequent dividend paid over this five year period will be 20% greater than the previous dividend paid. After five years, Richmond's dividend is expected to grow at a constant 4% rate, indefinitely. Investors require a 10% rate of return. Find the value of the stock today. Round intermediate steps to four decimals.

a) 49.05

b) 43.47

c) 36.41

d) 115.32