Shellbridge Corporation common stock has a par value of $25 and recently paid a dividend of $3.16 per share. The firm's dividends have grown from $2.00 to $3.16 over the past 10 years, which also reflects the expected growth in dividends for the indefinite future.The stock is selling for $40 and you think a reasonable required rate of return is 12%.What is the stock's intrinsic value?

a) $43.17

b) $27.58

c) $45.22

d) $39.50

e) $47.28