Ashes Limited has just paid a dividend or $4 per share. Its dividends are expected to grow at a constant rate of 3% for ever. Its shareholders have a required rate of return of 12% p.a. Using the constant growth model, today's share price should be equal to: Select one: a. $4(1.03)/(.12.03)= $45.78 b. $4/(.12.03)=$44.44 c. $4(1.121.03)/(.12.03) =$48.44 d. $4(1.12)/(.12.03)= $49.78