Berkshire Homes Recently Paid $2

Berkshire Homes recently paid $2.20 as an annual dividend. Future dividends are projected at $2.30, $2.50, and $2.75 over the next 3 years, respectively. Beginning four years from now, the dividend is expected to increase by 3% annually. What is one share of this stock worth to you today if you require an 11% rate of return?

A) $32.00
B) $32.96
C) $34.14
D) $34.86
E) $35.52