Minuet Industries just paid a dividend of D₀ = $1.00. Analysts expect the company's dividend to grow by 20% this year, by 10% in Year 2, and at a constant rate of 5% in Year 3 and thereafter. The required return on this low-risk stock is 8.00%. What is the best estimate of the stocks current market value?

		$40.59
		$39.65
		$38.75
		$41.85
		$42.99