Red See Industries is expected to pay a cash dividend of $2.31 per share next year (D1) The company is quite risky; its required return is 22 percent and PPS0 =$19.25. What is this years (at t=0) cash dividend, assuming a constant growth rate in cash dividends until infinity?

a. $2.31 b. $2.80 c. $3.18 d. $3.45 e. None of the above, the answer is $________ .