Arcelor gathers the following facts and forecasts. The share price as of mid-August 2019 was $57. The current dividend is $1.37. The initial dividend growth rate is 24 percent, declining linearly during 12 years to a final and perpetual growth rate of 6 percent. Arcelor estimates DGs required rate of return on equity as 10 percent. Using the Hmodel estimate the per-share value of DG.

a. $78.17

b. $73.29

c. $75.76

d. $74.26