Multistage Growth A firm projects that dividends will grow at a rate of 7% per year for four years and then will grow at a rate of 3% per year forever. The stock's required return is 9% and the last annual dividend paid was $1.70. The most an investor should be willing to pay for this stock today is ______. (Watch your rounding, carry out dividends to four or more decimal places.)

a) $36.93

b) $38.26

c) $33.59

d) $31.65