If Ciaco Sytems is expected to pay its first dividend next year of $4.00 and then $4.50 the following year, $5.00 the year after that, and then grow at a constant annual rate of 4%, what will the share of Cisco be worth today is the discount rate is 6%?

a) $346.98

b) $98.78

c) $230.27

d) $132.54