The Ramirez Company's last dividend was $1.75. Its dividend growth rate is expected to be constant at 18% for 2 years, after which dividends are expected to grow at a rate of 6% forever. Its required return (rs) is 12%. What is

the best estimate of the current stock price? Do not round intermediate calculations. a. $37.72 b. $39.25 c. $38.10

d. $28.96

e. $32.01