You are thinking about purchasing common shares of a company. The company recently paid a cash dividend of $1.21 per common share. Based on past dividends, the company increases its annual dividend, on average, by 3.2% per year. If you demand a return of 14.0% of stocks of this type, what is the maximum price youd pay for the stock?

a. $11.99

b. $12.37

c. $11.87

d. $11.56

e. $12.02