Black Inc.'s stock currently sells for $35.25 per share. The dividend is projected to increase at a constant rate of 4.75% per year. The required rate of return on the stock, rs, is 11.50%. What is the stock's expected price 4 years from now?

a.

$40.52

b.

$42.44

c.

$43.34

d.

$44.46

e.

$46.57