XYZ company is going through difficult times. However, the board of directors have recently paid a dividend of $3.62. These dividends are expected to shrink in future due to the changing industry. The dividends will get smaller at 2.5 percent per year, forever. What is this stock worth today at a required return of 12.5 percent?

a.) $21.83

b.) $23.53

c.) $20.24

d.) $23.56

e.) $37.11