9.3 The earnings per share for Kim are $12. The firm invests an amount each year that is just sufficient to replace the production capacity that is wearing out, so the new investment is zero. The firm pays out all its earnings as dividends. Calculate the price of a share of Kim Inc. stock, given that k = 14%.

Must show work/calculations

Select one: a. $168.00 b. $166.67 c. $85.71 d. $82.40