XYZ Corporation just paid a dividend of $2.00 a share (that is, D₀ = $2.00). The dividend is expected to grow at 5% per year for the next 2 years and then at 3% per year thereafter. Assume the required rate of return on this stock is 10%. What is the stock price at t=0 (P₀)? (Do not round intermediate calculations, round to two decimals in your final answers.)

	a.	$30.55
	b.	$29.76
	c.	$31.07
	d.	$22.86