6. Energy Development Inc. is expected to pay dividends per share of $0.8, $0.95, and $0.99 over the next three years, respectively. Afterwards the dividends are expected to grow at a constant rate for eternity. The firm tends to distribute 45% of its earnings to shareholders and has the return on equity (ROE) of 10%. Further, average unlevered beta for comparable firms is 1.15, risk-free rate is 4.1% and the market premium is 7%. The firm is financed 25% by debt and 75% by equity. Corporate tax rate is 35%. The "fair" value of company's share is (a) $10.53 (b) $14.55 (c) $7.81 (d) $13.62