Kelly Enterprises' stock currently sells for $35.25 per share. The dividend is projected to increase at a constant rate of 10.75% 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?

Select the correct answer.

a. $37.06

b. $39.04

c. $36.40

d. $38.38

e. $37.72