A stock is expected to pay its first $0.1 dividend in 3 years from now (t=3). The dividend is expected to be paid annually forever and grow by -2% pa (note the negative sign). The discount rate is 6% pa. Estimate what the stock price will be in 3.25 years from now. The stock price at time 3.25 is expected to be: Select one:

a. $1.1726

b. $1.243

c. $1.25

d. $1.2683

e. $1.3176