A stock you are buying today promises no dividends for a long time. In exactly 11 years you expect the stock will pay its first annual dividend of $1.60 . At that time, you also believe that the stock could be sold for $31.00 . If today you can buy the stock for $9.84 , what is the expected annual rate of return on the stock investment?

	a.	10.5%
	b.	11.5%
	c.	8.6%
	d.	7.9%
	e.	9.5%

Please show working out!!