A company you wish to value just paid a dividend of $2.7300 per share. The company is expected to pay a dividend at the end of next year and every year thereafter into the future. What is the approximate value per share if the appropriate discount rate is 12% and dividends are expected to grow at 2% per year indefinitely? Select one:

a. $18.50 b. $35.39 c. $21.46 d. $27.85 e. None of the above