At the last Board of Directors meeting of Williams Enterprises, it was decided to encourage the current CEO by giving a substantial bonus. Not only did she make few if any mistakes, in fact, the dividend was raised by 3% every year for the last 10 years, like clockwork. If the owners were to value the company's stock, what formula might they use, assuming the CEO continued on course?

a. P₀ = D₁/r-g

b. P₀ = D/r

c. P₀ = D₁/(1+r) + D₂/(1+r)² + D₃/(1+r)³

d. None of the above

e. Either a or b