Coolibah Holdings Is Expected to Pay Dividends of $1

Coolibah Holdings is expected to pay dividends of $1.20 every six months for the next three years. If the current price of Coolibah stock is $22.60, and Coolibah's equity cost of capital is 18%, what price would you expect Coolibah's stock to sell for at the end of three years?

A) $28.87
B) $31.76
C) $33.20
D) $34.64