A stock is expected to pay its first $61 dividend in 8 years from now. The dividend is expected to be paid annually forever and grow by 0% pa. The discount rate is 5% pa. Estimate the current stock price. The current stock price should be:

Select one:

a.

$1,220

b.

$928.0312

c.

$867.0312

d.

$825.744

e.

$786.4229