ThisIsNotHappening has no competition in business and is growing quickly. This company's annual dividends are expected to grow at 20 percent per year for the next 3 years. The growth rate in dividends will then drop to a constant 4 percent per year, in perpetuity, due to competitors joining the market and lowering ThisIsNotHappening company's market share.

The required return is 8 percent. You also know that the company just paid a $1.60 dividend on each of its shares. Calculate the current share price.

a)$63.01

b)$60.82

c)$61.75

d)$58.79

e)$64.27