Jacker Bhd. paid RM2.00 per share in common stock dividends last year. The company's policy is to allow its dividend to grow at 5 percent for 3 years and then the rate of growth changes to 3 percent per year from year four and forever. What is the value of the stock if the required rate of return is 8 percent?

Select one:

a. RM57.87

b. RM48.80

c. RM38.75

d. RM44.42