At the beginning of Year 2 investors had invested $25,000 of common equity in Grant Corp. and expect to earn a return of 11% 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 - $3,500 Year 3 - $3,200 Year 4 - $2,900 Year 5 and beyond - $2,750 Using this information, what is Grant's residual income valuation at the beginning of Year 2? a. $26,041 b. $26,151 c. $25,000 O d. $26,350