Joe Industries just paid a dividend of D₀ = $1.32. Analysts expect the company's dividend to grow by 30% this year, by 10% in Year 2, and at a constant rate of 5% in Year 3 and thereafter. The required return on this low-risk stock is 9.00%. What is the best estimate of the stocks current market value?

Question 9 options:

	$44.87
	$45.99
	$42.65
	$43.75
	$40.59