Natalie is interested in valuing the shares of Union Aerospace (UA). UA pays dividends annually. She expects the stock to pay dividends of $3 at the end of each of the next four years. Thereafter, she expects the dividend to grow at 7% per annum in perpetuity. If her required return is 12%, then how much should she pay for a share now?

A) $43.63

B) $45.54

C) $47.24

D) $49.91

E) $73.31