Kelly Enterprises' stock currently sells for $35.25 per share. The dividend is projected to increase at a constant rate of 8.75% per year. The required rate of return on the stock, r_s, is 11.50%. What is the stock's expected price 5 years from now?

Select the correct answer.

a. $48.95

b. $48.60

c. $49.30

d. $48.25

e. $49.65