Manchester plc is expected to pay annual dividends of 1.50, 1.75 and 2.00 per share at the end of each of the next three years (i.e., from t=1 to t=3). After year 3, annual dividends are expected to grow at a rate of 2% forever. Assuming that shareholders of Manchester plc. require a rate of return equal to 4% per year, what is the fair value for the share of Manchester plc.?

Consider the following returns:

Year End	Stock CI Realized Return	Stock A Realized Return
2020	8.50%	1.26%
2019	-5.63%	4.57%
2018	-1.24%	3.74%
2017	-1.04%	-1.56%
2016	3.78%	-1.02%

The correlation between CIs and As returns is closest to:

a		0.682
b		-0.471
c		0.365
d		-0.536