ABC's current cum div share price is 3.45 and the company has just announced a dividend of 20p per share. At what rate do investors expect its dividends to grow in the future, if the current share price is thought to be a fair one and if investors require a rate of return of 15 percent?

a)8.3 percent.

b)7.8 percent.

c)9.5 percent.

d)7.1 percent.