Question 9.

Whited Inc.'s stock currently sells for $35.25 per share. The dividend is projected to increase at a constant rate of 5.25% per year. The required rate of return on the stock, rs, is 11.50%. What is the stock's expected price 5 years from now?

a. $52.81

b. $39.15

c. $45.53

d. $47.80

e. $40.06

Please show either excel formula or calculations!