Nachman Industries just paid a dividend of D₀ = $3.00. Analysts expect the company's dividend to grow by 30% 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 stock's current market value? Do not round intermediate calculations.

a. $129.89

b. $136.02

c. $139.02

d. $84.53

e. $126.48