Tim Taylor Tools is a young start-up company. No dividends will be paid on the stock over the next eight years because the firm needs to plow back its earnings to fuel growth. The company will then pay a $9 per share dividend in year 8 and will increase the dividend by 4 percent per year thereafter. If the required return on this stock is 12 percent, what is the current share price?

$42.64

$100.13

$57.23

$81.95

$45.44