analyst predict that east toys inc will pay divended of $3 per share in year 1 1,$3.5 per share in year 2 and $3.8 per s

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analyst predict that east toys inc will pay divended of $3 per
share in year 1 1,$3.5 per share in year 2 and $3.8 per share in
year 3. the firm then expects its dividend to decrease by 5% per
year for three years (year 4 and 5). thereafter the divedened will
grow at 6% indefinitely. the required rate of return is 10%. what
is the value of stock today?
a. 59.55
b. 48.94
c. 39.45
d. $ 32.81
e. none of the above