Kellner Motor Co.'s stock has a required rate of return of 11.50%, and it sells for $50.00 per share. Kellner's dividend is expected to grow at a constant rate of 7.00%. What was the last dividend, D₀?

Select the correct answer.

a. $1.50

b. $1.20

c. $2.10

d. $2.40

e. $1.80