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La la Land's made two announcements regarding its common shares today. First, the company announced that the next annual dividend will be $1.23 a share.

La la Land's made two announcements regarding its common shares today. First, the company announced that the next annual dividend will be $1.23 a share. Secondly, all dividends after that will decrease by 1.02 percent annually. What is the value of this stock at a discount rate of 10.2 percent?

A.

$10.01

B.

$10.96

C.

$11.11

D.

$9.99

E.

$9.49

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