Church Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends to grow at a rate of 28% for the next 4 years, after which competition will probably reduce the growth rate in earnings and dividends to zero, i.e., g = 0. The company's last dividend, D0, was $1.10, its beta is 1.50, the market risk premium is 5.50%, and the risk-free rate is 3.10%. What is the current price of the common stock? Do not round intermediate calculations. a. $25.87 b. $22.43 c. $23.23 d. $23.95 e. $24.33