Suppose an investor is comtemplating the purchase of RMI common stock at the beginning of this year. The dividend at year end is expected to be $1.64 and the market price of the end of the year is projected to be $22. If the investors' required rate of return is 18%, What is the value of this security?

a.

$23.64

b.

$22.00

c.

$20.03

d.

$30.20