Hadlock Healthcare Expects to Pay a $3

Hadlock Healthcare expects to pay a $3.00 dividend at the end of the year (D1 = $3.00) . The stock's dividend is expected to grow at a rate of 10 percent a year until three years from now (t = 3) . After this time, the stock's dividend is expected to grow at a constant rate of 5 percent a year. The stock's required rate of return is 11 percent. What is the price of the stock today?

A) $49
B) $54
C) $64
D) $52
E) $89