A firm has just paid a dividend of $1.66 per share. The dividend is expected to grow at an initial growth rate of 10.2% per year, but the growth rate will then decline linearly over 14 years to a constant long-term growth rate of 3.7% per year. The cost of equity is 7.1%. What is the value of each share?

a.$72.84

b.$96.34

c.$71.41

d.$95.06