You are trying to estimate the intrinsic value of Splash Inc. You have forecasted the following dividends for the explicit forecast period of Splash Inc.

	Year 1	Year 2	Year 3	Year 4
Dividend per share	$2.00	$2.50	$2.75	$3.00

After the fourth year, you expect Splash Inc. to maintain a constant retention rate of 47.5%. You also forecast that any new equity investment Splash Inc. makes after year four will earn a return of 12%. The required rate of return (r_s) on Splash Inc. is 10%.

How much is the horizon value (at the horizon date)?

Group of answer choices

$69.77

$57.14

$73.74

$59.86