Lohn Corporation is expected to pay the following dividends over the next four years:

$12, $9, $6, and $4. Afterward, the company pledges to maintain a constant 7 percent growth rate in dividends forever.

If the required return on the stock is 12 percent, what is the current share price?

a) $83.27

b) $77.06

c) $81.48

d) $79.10

e) $75.15