Bearsbum Confection is experiencing declining world-wide sales of its number one confection, the petit ourson. It announced today that it is suspending dividends and stock repurchases and will resume them in two years. Analysts expect that total payouts will be $2.3 billion in two years and that payouts will continue to be paid annually thereafter in perpetuity, growing at a rate of 1.8%. Bearsbum has 443 million shares outstanding and its investors require a return of 7.2%. What is the fair price for the shares today?

$98.50

$92.58

$89.68

$96.45