Question $4$ Gordon Formula for valuing an apartment

You hold an apartment that pays $$24,000$ of net rental income every year. The opportunity cost of capital is $8\%,$ and the rent grows by $3\%$ a year for the foreseeable future. What is the value of this apartment?

a$.$ $$520,000$

b$.$ $$1,200,000$

c$.$ $$480,000$

d$.$ $$375,000$