Martian Airways Inc. has a 12% required rate of return. It does not expect to initiate dividends for 15 years, at which time it will pay $2.00 per share in dividends. At that time, Martian Airways expects its dividends to grow at 7% forever. What is an estimate of Martian Airways' price in 15 years (P15) if its dividend at the end of year 15 is $2.00?

Select one:

a. $33.40

b. $31.20

c. $30.00

d. $42.80