The Ramirez Company's last dividend was $1.75. Its dividend growth rate is expected to be constant at 24% for 2 years, after which dividends are expected to grow at a rate of 6% forever. Its required return (r_S) is 12%. What is the best estimate of the current stock price? Do not round intermediate calculations.

a. $36.94

b. $52.47

c. $45.34

d. $41.98

e. $31.90