A stock is expected to pay its first $0.1 dividend in 3 years from now (t=3). The dividend is expected to be paid annually forever and grow by -1% pa (note the negative sign). The discount rate is 5% pa. Estimate what the stock price will be in 4.75 years from now. The stock price at time 4.75 is expected to be:

Select one:

a.

$1.8152

b.

$1.7115

c.

$1.6944

d.

$1.6774

e.

$1.589