Staton-Smith Software is a new? start-up company and will not pay dividends for the first five years of operation. It will then institute an annual cash dividend policy of ?$3.25 with a constant growth rate of 5?%, with the first dividend at the end of year six. The company will be in business for 25 years total. What is the? stock's price if an investor wants
a. a return of 12?%
b. a return of 15?%
c. a return of 24?%
d. a return of 38?%