A stock is expected to pay its first $46 dividend in 9 years from now. The dividend is expected to be paid annually forever and grow by -3% pa (note the negative sign). The discount rate is 5% pa. Estimate the current stock price. The current stock price should be:

a.

$575

b.

$435.1826

c.

$389.1826

d.

$370.6501

e.

$353.0001