TMD Ltd is expected to pay a dividend of $1.00 per share next year and market analysts expect

this dividend to grow at 12% p.a. the following year, 10% p.a. the year after that, 8% p.a. the

year after that, before stabilizing at 6% p.a. for the foreseeable future. If the required return on

these shares is 8% the share price today should be closest to:

a) $51.83.

b) $55.68.

c) $56.52.

d) $70.52