The Johnston Company will pay an annual dividend of $3 next year. The company has increased its dividend by 2.85 percent a year for the past twenty years and expects to continue doing so. What will a share of this stock be worth 10 years from now if the required return is 11 percent?

a) 40.22

b) 48.75

c) 56.60

d) 53.04

e) 42.11