McGaha Enterprises expects earnings and dividends to grow at a rate of 45% for the next 4 years, after the growth rate in earnings and dividends will fall to zero, i.e., g = 0. The company's last dividend, D0, was $1.25, its beta is 1.20, the market risk premium is 5.50%, and the risk-free rate is 3.00%. What is the current price of the common stock?

a. $51.66

b. $51.06

c. $52.26

d. $50.46

e. $52.86