Shell company has the following comprehensive income and book values. Cost of equity is 12%; constant growth rate after year 5 is 3%. Using dividend-based valuation model, what is the total present value of equity, using half-year adjustment?

	Year +1	Year +2	Year +3	Year +4	Year +5
Comp. Income	$7,200	$7,500	$7,700	$8,100	$8,300.0
Begin. Book Value	$28,000	$29,000	$30,000	$32,000	$36,000
Ending Book Value	$28,600	$29,700	$30,500	$32,500	$35,800

	a.	73,421
	b.	59,852
	c.	77,613
	d.	83,730