$$Staton$-$Smith Software is a new$$ start$-$up company and will not pay dividends for the first five years of operation. It will then institute an annual cash dividend policy of $$$$3\mathrm{.}25$ with a constant growth rate of $4\%,$ with the first dividend at the end of year six. The company will be in business for $25$ years total. What is the$$ stock's price if an investor wants

a$.$a return of $12\%?$

b$.$a return of $13\%?$

c$.$a return of $25\%?$

d$.$a return of $35\%?$