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{.}75$ with a constant growth rate of $5\%,$ 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 $15\%?$

c$.$ a return of $22\%?$

d$.$ a return of $38\%?$