Chahal Corporation Is Expected to Pay Dividends of $12, $9

Chahal Corporation is expected to pay dividends of $12, $9, $6, and $3 over the next four years. The company plans to maintain a constant 4% growth rate in dividends afterwards. If the required return on the stock is 11%, what is the current share price?

A) $43.84
B) $47.04
C) $51.44
D) $53.84
E) $55.24