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 $6\%,$ 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 $11\%?$

b$.$ a return of $14\%?$

c$.$ a return of $23\%?$

d$.$ a return of $40\%?$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 $6\%,$ with the first dividend at the end of

year six. The company will be in business for $25$ years total. What

is the$$stock$\text{'}$s price if an investor wantsa.$$a return of $10\%?$b$.$a return of $15\%?$c$.$a return of $23\%?$d$.$a return of $35\%?$