AEI Company will earn $3.00 on a per share basis next year and has a payout ratio of 40%. If an investor has a required nominal rate of return of 10%, inflation is estimated at 3%, and the long-term growth rate of AEI Companys earnings is 5%, then according to the Dividend Discount Model, its fair price is

a) $17.14.

b) $24.00.

c) $36.00.

d) $60.00.