DM Mining Company's ore reserves are depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As a result, the company's earnings and dividends are declining at a constant rate of 3% per year. If the last year-end dividend was $10 and its required return is 13%, what is the current intrinsic value of DM Mining's stock?

$60.63 $62.50 $97.00 $100.00 $103.00