A fast growth share has the first dividend (t=1) of $2.48. Dividends are then expected to grow at a rate of 9 percent p.a. for a further 2 years. It then will settle to a constant-growth rate of 2.8 percent. . If the required rate of return is 19 percent, what is the current price of the share? (to the nearest cent)

a.

$16.84

b.

$37.45

c.

$15.31

d.

$17.51