$3.$ Consider a firm that has just paid a dividend of $$1\mathrm{.}5.$ An analyst expects dividends to grow at a rate of $9$ percent per

year for the next three years. After that dividends are expected to grow at a normal rate of $5$ percent per year.

Assume that the appropriate discount rate is $7$ percent. The price of the stock today is

a$.$ $$84\mathrm{.}81.$

b$.$ $$87\mathrm{.}81.$

c$.$ $$91\mathrm{.}09.$

d$.$ $$94\mathrm{.}32.$

e$.$ $$97\mathrm{.}61.$

please shpw the hand written calculation.