1. An analyst reports the intrinsic value of Pioneer company as $101. The company is assumed to grow at a rate of 7% per year forever. The current market price is $101 and the company has just paid a dividend of $4. If the analyst expects the market price to be equal to the intrinsic value 1 year from now, what is the expected 1-year holding period return on Pioneer company (approximately)?

   	A.	11.24%
   	B.	18.69%
   	C.	25.56%
   	D.	12.28%