Kencana Bhd has an 11% required rate of return. It does not expect to initiate dividends for 20 years, at which time it will pay RM4.00 per share in dividends. At that time, Kencana expects its dividends to grow at 6% forever. What is an estimate of Kencana's price in 20 years (P20) if its dividend at the end of year 20 is RM4.00?

Select one:

a. RM57.50

b. RM84.80

c. RM34.80

d. RM55.00