A stock is expected to pay its first $36 dividend in 5 years from now. The dividend is expected to be paid annually forever and grow by -1% pa (note the negative sign). The discount rate is 3% pa. Estimate the current stock price. The current stock price should be:

Select one:

a. $753.7359

b. $776.3479

c. $799.6384

d. $835.6384

e. $1,004.9811