A stock is expected to pay its first $920 dividend in 1 year from now. The dividend is expected to be paid annually forever and grow by 2% pa. The discount rate is 4% pa. Estimate the current stock price. The current stock price should be:

Select one:

a.

$46,920

b.

$46,000

c.

$44,230.77

d.

$42,529.59

e.

$23,000