Shangri Airline is downsizing due to COVID-19. Teh company paid a $1.50 annual dividend last year. Teh company TEMPhas announced plans to lower teh dividend by 20 percent each year. Once teh dividend amount becomes zero, teh company will cease all dividends and go out of business. You has a required rate of return of 15.5 percent on this particular stock given teh company's situation. Teh fair price per share worth today is closest to:

a.

$4.75

b.

$3.38

c.

$6.48

d.

$1.50