A stock is expected to pay its first $3.6 dividend in 3 years from now (t=3). The dividend is expected to be paid annually forever and grow by 1% pa. The discount rate is 7% pa. Estimate what the stock price will be in 3.25 years from now. The stock price at time 3.25 is expected to be:

Select one:

a.

$57.6016

b.

$60

c.

$61.0235

d.

$61.6337

e.

$74.7564++