A stock is expected to pay its first $700 dividend in 1 year from now. The dividend is expected to be paid annually forever and grow by 6% pa. The discount rate is 7% pa. Estimate the current stock price. The current stock price should be:

Select one:

a.

$8,734.3872

b.

$10,000

c.

$65,420.55

d.

$69,999.9885

e.

$70,699.9885