31. Assume a firm has a required rate of return of 12%. The firm will pay a dividend one year from now of $2.40. Dividends will grow at 5% forever. The intrinsic value of this stock as of the beginning of year 4 , meaning immediately after the year 3 dividend has been paid, is closest to A. 34.29 B. 36.17 C. 39.69 D. 41.67.