Valuation of JKL Corp Using Discounted Dividend Valuation

In the context of equity valuation, consider the following scenario:

JKL Corp. has experienced rapid growth in earnings and dividends over the past decade. Currently, JKL Corp. pays an annual dividend of $4.00 per share. Analysts project that the company will maintain a high growth rate of 15% in dividends for the next 5 years, after which the growth is expected to stabilize at a perpetual rate of 4%. The required rate of return for JKL Corp. is 10%.

To determine the theoretical fair value of JKL Corp.'s stock using the discounted dividend valuation method, which of the following output valuations would accurately reflect its equity value based on this growth pattern?