You are investing a coal mining company. The price and demand for coal is dropping. The company just paid its annual cash dividend of $3.45 a share. According to industry analysts, the annual cash dividend is expected to drop by 4% per year for the foreseeable future. Investors require an annual rate of return of 12% for the stock. Calculate the expected stock price for the mining stock. Select one: a. $19.30 b. $21.50 c. $20.70 d. $21.60 e. $22.90