The Francis Company is expected to pay a dividend of D₁ = $1.70 per share at the end of the year, and that dividend is expected to grow at a constant rate of 6.00% per year in the future. The company's beta is 1.60, the market risk premium is 5.50%, and the risk-free rate is 3.50%. What is the company's current stock price? Do not round intermediate calculations.

a. $26.98 b. $28.33 c. $13.82 d. $28.60 e. $56.67