A stock is expected to pay its first $91 dividend in 8 years from now. The dividend is expected to be paid annually forever and grow by -2% pa (note the negative sign). The discount rate is 4% pa. Estimate the current stock price. The current stock price should be:

Select one:

a.

$1,516.6667

b.

$1,243.542

c.

$1,152.542

d.

$1,108.2135

e.

$1,065.5899