Kelly Enterprises' stock currently sells for $35.25 per share. The dividend is projected to increase at a constant rate of 9.50% 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. $39.56

b. $38.92

c. $39.88

d. $38.60

e. $39.24