WSW Corporation just paid a $4 dividend per share. You expect the dividend to grow at 10% per year for the next four years and expect to sell the stock at $70 at the end of year 4 .

What is the maximum price you would pay to buy the stock?

The required rate of return is 15%.

Select one:

a. $50.12

b. $52.44

c. $54.36

d. $56.54