Robert the Bruce is a Scottish tourist company that expects to pay dividends of £4.75, £5.25, £5.75, and £7 per share for the next 4 years.

Thereafter, the company expects its growth rate to be at a constant rate of 7%. If this information is communicated to the market, and the market’s required rate of return is 15%, estimate the current market price of the share.

a. £69.42

b. £93.63

c. £57.54

d. £80.29