Assume that you are considering the purchase of a stock which will pay dividends of $4.50 during the next year. Further assume that you will be able to sell the stock for $70.00 one year from today and that you required rate of return is 14 percent. How much would you be willing to pay for the stock today? (Round off to the nearest $.01)

a. $89.50

b. 65.35

c. 94.10

d. 77.83