At the beginning of Year 2 investors had invested $24,000 of common equity in Grant Corp. and expect to earn a return of 10% per year. In addition, investors expect Grant Corp. to pay out 100% of income in dividends each year. Forecasts of Grant's net income are as follows: Year 2 - $3,100 Year 3 - $2,900 Year 4 - $2,700 Year 5 and beyond - $2,400 Using this information, what is Grant's residual income valuation at the beginning of Year 2? a. $34,373 b. $22,500 c. $25,275 d. $25,500