Laland Industries just paid a dividend of D₀ = $1.50.Analysts expect the company's dividend to grow by 10% this year, by 7% in Year 2, and at a constant rate of 3% in Year 3 and thereafter.The required return on this low-risk stock is 6.50%.What is the per-share estimate of the stock's intrinsic value?

a.$42.86

b.$44.14

c.$47.14

d.$48.91

e.$50.25