Wissinger Architectural Designs has paid an annual dividend of $2.05 per share on its common stock for the past fifteen years and is expected to continue paying $2.05 a share long into the future. Given this, one share of Wissinger's stock is

a. worth $2.05 a share in the current market.

b. equal in value to the present value of $2.05 paid one year from today.

c. priced the same as a $2.05 perpetuity.

d. valued at an assumed growth rate of 2.05 percent.

e. basically worthless as it offers no growth potential.