A company just paid a dividend of $3.33 per share (i.e. T=0). Analysts expect the company will be able to increase dividend payments by 8.0% per annum for each of the next three years and by 2.0% in perpetuity every year thereafter (or indefinitely). The appropriate cost of equity is 7.0%. Using the appropriate dividend discount model for non-constant growth, one share of the stock is valued at:
A) $69.85 B) $75.46 C) $78.66 D) $80.03 E) $85.57