Growth Corp is a high growth company. It has an expected dividend at the end of this year of R1. Those dividends are expected to grow at a constant rate of 10% forever. If the discount rate is 20% and the payout ratio is 80%, calculate the present value of growth opportunities.

a. R 2.84

b. R 5.63

c. R 4.37

d. R 3.75

e. R10.00