Banner Corporation Will Not Pay Dividends Until Year 3, Whereby

Banner Corporation will not pay dividends until year 3, whereby it is expected to pay $5 in dividends. Dividends are then expected to grow at 20%, 10% and 5% in years 4, 5 and 6. Afterwards, dividend growth will stabilize to 2% consistently. If the rate of return is 10%, determine the stock price now.

A) $66.77
B) $65.77
C) $64.77
D) $63.77
E) $62.77