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Miller Brothers Hardware paid an annual dividend of $0.95 per share last month. Today, the company announced that future dividends will be decreasing by 2.6

Miller Brothers Hardware paid an annual dividend of $0.95 per share last month. Today, the company announced that future dividends will be decreasing by 2.6 percent annually. If you require a 12.46 percent rate of return, how much are you willing to pay to purchase one share of this stock today?

A. $8.27

B. $9.37

C. $6.57

D. $5.93

E. $7.77

Please explain your answer

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