A fast growth share has the first dividend (t=1) of $1.31. Dividends are then expected to grow at a rate of 5 percent p.a. for a further 3 years. It then will settle to a constant-growth rate of 3.4 percent. . If the required rate of return is 18 percent, what is the current price of the share?(to the nearest cent)

Select one:

a.$9.30

b.$25.61

c.$8.97

d.$6.13