Suppose that equity research analysts expect Florida International Bank (FIB) to pay a dividend of $4.28 per share next year and the growth rate on dividends to be 2% for all future years. If the appropriate discount rate to reflect shareholder risk is 12%, what should the bank's stock price be in the market according to the Gordon Growth Model (GGM)?

a) $23.00

b) $24.61

c) $30.13

d) $42.80

e) $49.29