Question: A share is expected to pay annual cash flows at the end of each year. In the first year, the investment will pay $3.00. This payment will increase by 20% in Year 2 and then increase by 12% in Year 3. Thereafter, for Year 4 and onwards, the payment will grow annually by 2% in perpetuity. The appropriate annual discount rate for this investment is 8%. What is the price of this share today? A. $63.48 B. $49.88 C. $59.45 D. $62.42