Shiny Corp. common stock just paid a $3.20 dividend to its common shareholders. You expect these dividends to grow at a constant rate of 5% per year indefinitely. The weighted average cost of capital, WACC, for Shiny is 8.8%. Shiny has a target capital structure of 40% debt and 60% equity and an after-tax cost of debt of 4.0%. What is the intrinsic value of Shiny common stock?

a. $27.69

b. $48.00

c. $67.24

d. $88.42

e. None of the above