Kelly Enterprises' stock currently sells for $35.25 per share. The dividend is projected to increase at a constant rate of 5.00% 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. $36.36

b. $38.96

c. $38.31

d. $37.66

e. $37.01