28. Church Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends to grow at a rate of 45% for the next 4 years, after which competition will probably reduce the growth rate in earnings and dividends to zero, i.e., g=0. The company's last dividend, D0, was $1.25, its beta is 1.20 , the market risk premium is 5.50%, and the risk-free rate is 3.00%. What is the current price of the common stock? Do not round intermediate calculations. a. $50.46 b. $45.92 c. $60.04 d. $58.02 e. $59.54