Company Inc. does not pay any dividend now and is expected to start paying dividend of $5 per share exactly TWO years from today. The dividend is also expected to grow at a constant rate 5% afterwards forever. Its CAPM required rate of return is 10%. Which of the following is true regarding the fair price of its stock today using the constant-growth dividend discount model?

a. It is greater than $100.

b. It is equal to $100.

c. It is less than $100.

d. Not enough information