GSG Company just paid a dividend of $2 per share. You believe that the dividend growth rate will be 10% for the next two years and the selling price of the stock will be $45 at the end of that time. What is the maximum price you are willing to pay for the GSG stock if you require a 15% return?

Select one:

a. $39.41

b. $37.77

c. $41.08

d. $35.28

e. $33.71