Credenza Industries is expected to pay a dividend of $1.15 at the end of the coming year. It is expected to sell for $69 at the end of the year. If its equity cost of capital is 8% , what is the expected capital gain from the sale of this stock at the end of the coming year?

a. $4.05

b. $5.11

c. $64.95

d. $63.89