An annual dividend of $22.58 for 2019 has just been announced by the CEO of Thats The Way You Live Your Life, D.S. Sicko. The firm is paying out 43% of the its 2019 earnings. D.S. Sicko announces that firm has earned a return of 11% on the retained earnings it reinvested in new projects since last years 2018 dividend, where it paid out 63% of that years earnings. Which of the following is closest to the dividend that was paid out in 2018?

a. $33.40 b. $23.58 c. $31.13 d. $31.79 e. $32.68