Gerold's Travel Service Just Paid $1

Gerold's Travel Service just paid $1.79 to its shareholders as the annual dividend. Simultaneously, the company announced that future dividends will be increasing by 3.2%. If you require a 10.5% rate of return, how much are you willing to pay to purchase one share of this stock?

A) $17.59
B) $20.64
C) $24.08
D) $24.52
E) $25.31