15. Chittenden Enterprises has 643 million shares outstanding. It expects earnings 1 shares outstanding. It expects earnings at the end of the year to De Sy0 million. The firm's equity cost of capital is 9% Chittenden pays out 30% of its camin 2%. Chittenden pays out 30% of its earnings in total: 20% paid out as dividends and 10% used to repurchase dividends and 10% used to repurchase shares. If Chittenden's earnings are expected to grow at a constant 4% per year, what is Chittenden's share price? A) 54.62 B) $2.77 C) $9.24 D) $18.48 ustment that requires an initial investment of $9000