10. An analyst gathered the following data about a company: The historical earnings retention rate of 40% is projected to continue into the future The sustainable ROE is 12% The stock's beta is 1.2 The nominal risk-free rate is 6% The expected market return is 11% If the analyst believes next year's earnings will be 54 per share, what value should be placed on this stock? a. $22.24 b. S33.32 c. $45.45