The Francis Company is expected to pay a dividend of D₁ = $2.05 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 1.50, the market risk premium is 5.50%, and the risk-free rate is 4.00%. What is the company's current stock price? Do not round intermediate calculations.

a. $32.80

b. $34.77

c. $34.17

d. $16.73

e. $58.57