BLT Ltd last paid a dividend of $0.20 three years ago. Today the company announced they will resume paying dividends. The planned dividends are $0.50 in one year's time, $0.60 in two years' time, and thereafter dividends will increase by a constant rate of 5% p.a. indefinitely. If the required rate of return for BLT is 12%, what is a fair price for one share today?

a) $8.30

b) $8.57

c) $8.10

d) $0.45

e) $7.65