Kelly Enterprises' stock currently sells for $35.25 per share. The dividend is projected to increase at a constant rate of 2.50% 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. $36.83

b. $36.13

c. $35.78

d. $35.43

e. $36.48