Connolly Co.'s expected year-end dividend is D₁ = $2.50, its required return is r_s = 11.00%, its dividend yield is 6.00%, and its growth rate is expected to be constant in the future. What is Connolly's expected stock price in 7 years, i.e., what is ₇?

Select the correct answer.

a. $58.63

b. $56.99

c. $57.40

d. $57.81

e. $58.22