A	B
1	EPS	$2.50
2	payout ratio	55%
3	Required rate of return	12%
4	ROE	17.00%
5	Growth Rate	7.65%
6	Value of stock

What is the correct formula to determine the stock price using the earnings model on cell B6? please explain.

a. =B1*B2/B3+(B1*B2*(B4/B3-1))/(B3-B5)

b. =B1/B3-(B1*(1+B2)*(B4/B3+1))/(B3+B5)

c. =B1/B3+B1*(1-B2*B4/B3-1)/(B3-B5)

d. =B1/B3+(B1*(1-B2)*(B4/B3-1))/(B3-B5)

e. =B1/B3+(B1*(1-B3)*(B2/B3-1))/(B3-B4)