Use the Gordon Model to estimate the expected price, E(P₀), of the following stock:

Quarterly dividend per share 5 years ago: $3

Quarterly dividend per share just paid: 3.829

Required rate of return of the stock: 20%

Select one:

a. $107.21

b. $110.77

c. $98.03

d. $101.72

e. $104.87