You plan to buy a common stock and hold it for one year. You expect to receive both $1.50 from dividends and $26 from the sale of the stock at the end of the year. If you wanted to earn a 15 percent rate of return, what is the maximum price you would pay for the stock today?

a. $22.61

b. $23.91

c. $24.50

d. $27.50