Ralph Industries just paid a dividend of D0 = $1. 5. 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%. What is the best estimate of the stocks current market value? *

a) $50.20

b) $50.98

c) $60.98

d) $45.80