Thirsty Cactus Corp. just paid a dividend of $1.60 per share. The dividends are expected to grow at 30 percent for the next 8 years and then level off to a 5 percent growth rate indefinitely.

Required :

If the required return is 13 percent, what is the price of the stock today?

a.) $87.95

b.) $91.54

c.) $64.44

d.) $89.75

e.) $2.53