A fast growth share has the first dividend (t=1) of $2.20. 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 2.2 percent. . If the required rate of return is 13 percent, what is the current price of the share? (to the nearest cent)

Select one:

a. $22.78

b. $40.03

c. $20.37

d. $43.07