You own a stock that will pay a dividend of $2.25. The stock currently sells for $21.61. You purchased this security 3 months ago for $19.90. If you sell this security on the ex-dividend date, tomorrow, what is your annualized after-tax return if you expect the stock price to drop by $1.17? Assume a capital gains tax of 15% and dividend tax rate of 32%.

A. 16.64% B. 39.44% C. 28.34% D. 39.98% E. 9.86%