Ratana is thinking of buying shares in Deniliquin Forestry Limited. She estimates that the required rate of return for this company is 10% per annum. She has forecast the Income Statement and Balance Sheet for the next four years, and estimates that the company can pay the following dividends: Year 1: Nil Year 2: 12 cents per share Year 3: 15 cents per share Year 4: 21 cents per share. Longer term Ratana estimates that dividends can grow at 3% per annum. Based on these assumptions, one share in Deniliquin Forestry is worth approximately Select one: a. $2.57 ce b. $2.47 c. $2.67 d. $2.77 NA