Analytical Engineering, in light of the market response to its dividend policy,

Analytical Engineering, in light of the market response to its dividend policy, has opted to raise its dividend payment annually by 4,5%. The company’s latest dividend stands at R5,15, and the required rate of interest is 10%. What is the maximum amount you would be willing to pay for a share of the ordinary equity?
1.
R23,18
2.
R48,22
3.
R89,42
4.
R97,85