A stock is expected to pay its first $2.9 dividend in 3 years from now (t=3). The dividend is expected to be paid annually forever and grow by -3% pa (note the negative sign). The discount rate is 6% pa. Estimate what the stock price will be in 2.75 years from now. The stock price at time 2.75 is expected to be:

Select one:

a.

$30.5496

b.

$31.7562

c.

$32.2222

d.

$33.6616

e.

$35.6813