The end$-$of$-$the$-$year dividend is expected to be $$2\mathrm{.}25.$ Dividends are expected to grow $5\%$ annually. The stock's required rate of return is $10\%.$ The stock's intrinjic value is

$$45.$

$$22\mathrm{.}5.$

$$52\mathrm{.}5$

$$50.$

$$47\mathrm{.}25.$