The Harvey Company is experiencing rapid growth. The company expects to grow its dividend 25% per year for the next 4 years before leveling off to 7% into perpetuity. The required return on the stock is 12%. What is the current stock price if the annual dividend that was just paid was $1.05 per share?

Group of answer choices

a. Less than $37

b. Between $37 and $38

c. Between $38 and $39

d. Between $39 and $40

e. Between $40 and $41

f. Greater than $41