Pappaya Industries just paid a dividend of D0 = $1.00. Analysts expect the company's dividend to grow by 20% this year, by 15% 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 per-share estimate of the stocks intrinsic value?

a. $38.00

b. $39.33

c. $40.46

d. $42.52

e. $43.70