The Isberg Company just paid a dividend of $1.90 per share, and that dividend is expected to grow at a constant rate of 5.50% per year in the future. The company's beta is 1.60, the market risk premium is 5.00%, and the risk-free rate is 4.50%. What is the company's current stock price, P₀? Do not round intermediate calculations.

a. $50.11

b. $47.50

c. $36.45

d. $28.64

e. $27.14