Metallica Bearings, Incorporated, is a young start-up company. No dividends will be paid on the stock over the next 12 years because the firm needs to plow back its earnings to fuel growth. The company will pay a dividend of $9 per share 13 years from today and will increase the dividend by 4 percent per year thereafter.

If the required return on this stock is 8 percent, what is the current share price?

$82.73

$92.03

$84.88

$89.35

$93.82