Use the information about Company X below to help answer this question:

The company just paid out $60M in dividends

Dividends will grow at 12% for each of the next 5years

Dividends will grow at 8% every year thereafter (beginning in year 6)

The company has 75M shares outstanding

The company's cost of equity is 16%

The company's WACC is 10%

Using the Dividend Discount Model for Non-Constant growth, the value of one share of the company's stock today is closest to:

a) $12.00 b) $12.67 c) $22.40 d) $41.50 e) $51.50