Main Street Antiques Is Planning on Paying an Annual Dividend

Main Street Antiques is planning on paying an annual dividend of $2.20 per share next year. The company is slowly downsizing and is decreasing its dividend by 3 percent annually. What is the current value of this stock at a discount rate of 8 percent?

A) $18.86
B) $19.12
C) $19.40
D) $20.00
E) $20.20