Poindexter 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 stock's intrinsic value?

a.$38.00

b.$39.33

c.$40.46

d.$42.52

e.$43.70