Allegheny Publishing's stock is expected to pay a year-end dividend, D₁, of $4.00. The dividend is expected to grow at a constant rate of 8 percent per year, and the stock's required rate of return is 12 percent. Given this information, what is the expected price of the stock, eight years from now?

a. $200.00

b. $185.09

c. $171.38

d. $247.60

e. $136.86