1. Ackert Company's last dividend was $4.75. The dividend growth rate is expected to be constant at 1.5% for 2 years, after which dividends are expected to grow at a rate of 8.0% forever. The firm's required return (r _s) is 12.0%. What is the best estimate of the current stock price? Do not round intermediate calculations.

   	a.	$128.30
   	b.	$113.54
   	c.	$122.62
   	d.	$112.40
   	e.	$90.83