Nachman Industries just paid a dividend of D₀ = $1.50. 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 9.00%. What is the best estimate of the stocks current market value? Do not round intermediate calculations.

a.

$51.50

b.

$54.05

c.

$50.99

d.

$55.07

e.

$62.71