1. Savickas Petroleums stock has a required return of 12.00%, and the stock sells for $48.00 per share. The firm just paid a dividend of $1.00, and the dividend is expected to grow by 30.00% per year for the next 4 years, so D ₄ = $1.00(1.30) ⁴ = $2.8561. After t = 4, the dividend is expected to grow at a constant rate of X% per year forever. What is the stocks expected constant growth rate after t = 4, i.e., what is X? Do not round your intermediate calculations.

   	a.	7.37%
   	b.	8.85%
   	c.	6.05%
   	d.	7.81%
   	e.	5.53%