For the next three years Pfizer Inc. is expected to pay $3.5, $3 and $3.75 in dividends and after that dividends will grow at a constant rate of 3% annually. The required rate of return is 10%. Assuming the first dividend will be paid in exactly one year, the intrinsic value of Pfizers shares is:

a = 48.96

b= 47.85

c= 49.94

d= 41.46