ABC Ltd shares are assumed to be trading at their fair value of $59.31. The dividend per share next year is $2.92 and grows at a constant rate each year. The appropriate discount rate is 13% p.a.. What is the expected price of ABC shares 5 year from now? (round to nearest cent)

Select one:

a. $51.30

b. $59.31

c. $118.10

d. $87.46