A company's common stock just paid a divided of $1.75. The dividend is expected to grow at rate of 3.5% per year for the next two years.

The dividend growth rate is then expected to decrease to a constant 2.5% per year indefinitely.

The required rate of return on this stock is 7.3%.

What is the stock's intrinsic value (P₀)? Round intermediate values to 2 decimal places.

	a.	$52.77
	b.	$39.18
	c.	$46.15
	d.	$53.60
	e.	$47.20