Assume that an investor expects to receive the following dividends: year 1: $8, years 2-7: $10, and years 11-12:

1. Assume that an investor expects to receive the following dividends: year 1: $8, years 2-7: $10, and years 11-12: $12. If the investor's discount rate is 5 percent, what is the present value of this dividend stream?

A.$91.06

B.$74

C.$62.77

D.$69.66

E.Cannot be determined