Sophie Chan owns 100,000 shares of PAT Company. PAT is selling for €40 per share, so her investment is worth €4,000,000. Chan reinvests the gross amount of all dividends received to purchase additional shares. Assume that the clientele for PAT shares consists of tax-exempt investors. If PAT pays a €1.50 dividend, Chan’s new share ownership after reinvesting dividends at the ex-dividend price would be closest to:

A. 103,600.

B. 103,750.

C. 103,900.