Logi Inc. just paid a dividend of D0 = $1.00. Analysts expect the company's dividend to grow by 20% this year, by 10% in Year 2, and at a constant rate of 5% in Year 3 and thereafter. The required return on this low-risk stock is 8.00%. What is the best estimate of the stocks current market value?

$40.59

$39.65

$38.75

$41.85

$42.99