Microsoft decides to spin off its "Office" products into a separate division because they feel they are at a mature stage of growth. The new company's earnings and dividends are expected to grow at a constant rate of 3% per year. If the initial dividend for the end of the first year is $4 and the company's weighted average cost of capital is 8%, what is the fair value of the new company's stock?

		$100
		$50
		$133.33
		$82.40