A fast growth share has the first dividend (t=1) of $3.81. Dividends are then expected to grow at a rate of 6 percent p.a. for a further 4 years. It then will settle to a constant-growth rate of 1.9 percent. . If the required rate of return is 12 percent, what is the current price of the share? (to the nearest cent)

a.

$42.82

b.

$101.23

c.

$37.72

d.

$40.36