Quant question

A stock that does not pay dividends is expected to pay its first dvidend of $1.00 five years from today. Thereafter, the dividend is expected to grow at an annual rate of 25% for the next three years and then grow at a constant rate of 5% per year thereafter. The required rate of return is 10.3%. What is the value of the stock today? A. $20.65 B. $20.95 C. $22.72 D. $23.87 Thanks

1/(1.103)^5+1.25/(1.103)^6+1.25^2/(1.103)^7+1.25^3/(1.103)^8+(1.25^3)*1.05/[(0.103-0.05)*1.103^8]=20.648 A

Yup that is the ans…