A constant annual rate of dividend growth of 9 per cent is expected on a particular firms ordinary shares for an indefinite period into the future. The next annual dividend in one years time is expected to be $2.70. If the firm can earn 12 per cent per annum on similar risk investments to the firm itself, the value of the firm's ordinary shares is:

a. $90 per share

b. $22.50 per share

c. $9 per share

d. $30 per share