Wallace Corporation will be paying a dividend of P2.00 per common share next year. Historical data indicate Wallace's dividends grow at a steady rate of 5% per year, however this is expected to stop next year. The required rate of return for investing in such stock is 18%. The current value of one share of Wallace's common stock is

a. 11.11

b. 11.67

c. 15.38

d. 16.15