A	B
1	stock price	$20
2	Rate of return	$15
3	Groth Rate	%3
4	Las Dividend	?

Millennium Inc. stock is selling for $20 a share based on a 15 percent rate of return. What is the correct formula for cell B4 to calculate the last annual dividend payment if the dividends are expected to grow at 3% annually? explain your answer.

a. =B1*(B2-B3)/(1+B2)

b. =B1*(B2-B3)/(1+B3)

c. =B1*(B2+B3)/(1-B3)

d. =B1/(B2-B3)*(1+B3)

e. =B1*(B2+B3)/(1-B3)