A company has just paid its first dividend of $2.56. Next year's dividend is forecast to grow by 6 percent, followed by another 6 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.$23.03

b.$20.86

c.$10.75

d.$11.60