Now or Later, Inc

Now or Later, Inc. recently paid $1.10 as an annual dividend. Future dividends are projected at $1.14, $1.18, $1.22, and $1.25 over the next four years, respectively. Beginning five years from now, the dividend is expected to increase by 2% annually. What is one share of this stock worth to you if you require an 8% rate of return on similar investments?

A) $15.62
B) $19.57
C) $21.21
D) $23.33
E) $25.98