22) Daniel Enterprises expects to have earnings this coming year of $2.50 per share. Daniel Enterprises plans to retain all of its earnings for the next year. For the subsequent three years, the firm will retain 50% of its earnings. It will then retain 25% of its earnings from that point onward. Each year retained earnings will be invested in new projects with an expected return of 20% per year. Any earnings that are not retained will be paid out as dividends. Assume Daniel Enterprises' shares outstanding remains constant, and all earnings growth comes from the investment of retained earnings. If Daniel Enterprises' equity cost of capital is 10%, then Daniel Enterprises' stock price is closest to: A) $40.80. B) $44.60. C) $59.80. D) $63.50