Snowshoe Mountain Excursions (SMEx) had a share price at the start of the year of $96.12 and paid a dividend of $2.14 at the end of the year. If SMEx has an equity cost of capital of 14%, what price would you expect to pay for a share of stock just after it pays its dividend at the end of the year?

A) $86.19

B) $109.58

C) $107.44

Please show all work.