ART has come out with a new and improved product. As a result, the firm projects an ROE of 29%, and it will maintain a plowback ratio of 0.25. Its earnings this year will be $3.0 per share. Investors expect a 13% rate of return on the stock. What price do you expect ART shares to sell for in 4 years?

$80.46

$54.77

$51.77

$48.27