Cyclic, Inc., has announced that they intend to pay future dividends in a way so as to let them deal with seasonal fluctuations in the need for funds. They intend to pay dividends of $1, $2, $1, and $2 at the end of the first, second, third, and fourth quarters of each year, respectively, and intend on doing so forever. If the first quarter for this firm just started, and if the required rate of return on this stock is 13 percent per year, compounded quarterly, what should it sell for today?

a. $45.91

b. $75.69

c. $87.69

d. $90.60