You want to purchase common stock of ValleyMax Corporation and hold it for 1 year. ValleyMax has announced dividends of $1.65 for the next year. Based on your analysis, you expect to sell the stock for $25 per share at the end of the year. What is the maximum price that you would pay for a share today if you wanted to earn a 11% return?

a. $24.01b. $29.94c. $22.52d. $23.72