A stock is expected to pay its first $2.9 dividend in 4 years from now (t=4). The dividend is expected to be paid annually forever and grow by -3% pa (note the negative sign). The discount rate is 7% 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. $29.6701 b. $29.4947 c. $29 d. $27.5651 e. $26.2667