A teacher has dozens of pens, pencils, and folders in the school's colors which are yellow, navy, orange, and white. For a prize, a student will select a pencil, a pen, and a folder. In how many ways can the student select their prize?
a. 4∙3
b. ₄P₃
c. ₄C₃
d. 4³
e. 3⁴