A company has just declared a dividend of $20$p per share but expects this dividend to decline by $5\%$ pa in perpetuity.

The company's equity cost of capital is $15\%$ pa$.$

What is the current ex dividend market value per share?

A$.$

$0\mathrm{.}95$

B$.$

$1\mathrm{.}00$

C$.$

$1\mathrm{.}05$

D$.$

$1\mathrm{.}90$