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PIN Ltd is a firm that has been underperforming for many years and has just had a change in management. The

new management team have just made an announcement that they will pay a dividend today of $$4,$ and they

expect that in the future this annual dividend will grow at a constant rate of $6\%$ per annum. The required rate of

return for PIN Ltd shares is $14\%$ per annum. Which of the following is closest to the current value of PIN Ltd

shares? $($note $$ you have not yet received today$$s dividend$).$

a$)$ $$46\mathrm{.}40$

b$)$ $$53\mathrm{.}00$

c$)$ $$57\mathrm{.}00$

d$)$ $$85\mathrm{.}50$