Forecast of dividends for company ABC is as follow:

Year	Expected dividend
t+1	$10
t+2	$20
t+3	$30

It is believed that dividends will be zero after year t+3. The company's cost of equity is 5%. Under What will be equity value at the end of year t?

a.

$33.13

b.

$55.58

c.

$27.66

d.

$40