A stock is expected to pay its first $3.6 dividend in 3 years from now (t=3). The dividend is expected to be paid annually forever and grow by -1% pa (note the negative sign). The discount rate is 6% pa. Estimate what the stock price will be in 4.75 years from now. The stock price at time 4.75 is expected to be:

Select one:

a. $67.8277

b. $53.1887

c. $52.6568

d. $50.532

e. $49.6762