An all-equity firm pays dividends annually. The dividend just paid was $2 per share. Dividends are expected to grow at the rate of 4% per year for five years and 2% per year thereafter. The required rate of return is 11%. The correct equation to calculate the Terminal Cash Flow at t = 5 is

	a.	2*(1 + 0.04)5*(1 + 0.02) / (0.11 0.02)
	b.	2*(1 + 0.04)5*(1 + 0.02) / (0.11 0.04)
	c.	2*(1 + 0.04)4*(1 + 0.02) / (0.11 0.04)
	d.	2*(1 + 0.04)4*(1 + 0.02) / (0.11 0.02)