Today is January 1, 2021. The EPS of a company as of December 31, 2020 was $1.50. The expected annual growth is constant at 5%. The annual discount rate is 4% above the annual rate of inflation. The annual rate of inflation is 3%. The expected price in January 1, 2026 is closer to:

a. $100.50

b. $99

c. $98

d. Below $98

e. Above $101

(Show work on Excel)