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Karim Enterprises' stock currently sells for $ 3 4 . 5 0 per share. The dividend is projected to increase at a constant rate of

Karim Enterprises' stock currently sells for $34.50 per share. The dividend is projected to increase at a constant rate of 4.25% per year. The required rate of return on the stock, rs, is 11.50%. What is the stock's expected price 5 years from now?
a. $42.48
b. $59.46
c. $38.47
d. $48.96
e. $35.97

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