ABC Inc. just paid $3.80 per share in annual dividends. These are expected to grow by 4.80% each year forever. If the stock is currently priced at $44.00, then what is the annual rate of return that is expected by investors?

a.

9.05%

b.

8.64%

c.

16.62%

d.

13.85%

e.

13.22%