A company has just paid its first dividend of $2.24. Next year's dividend is forecast to grow by 8 percent, followed by another 8 per cent growth in year two. From year three onwards dividends are expected to grow by 2.9 percent per annum, indefinitely. Investors require a rate of return of 15 percent p.a. for investments of this type. The current price of the share is (round to nearest cent)

a. $20.88 b. $18.90 c. $9.98 d. $10.20