A firm currently has sales per share of $10.00 and expects sales to grow by 25% next year. The net profit margin is expected to be 22%. Fixed capital investment net of depreciation is projected to be 65% of the sales increase and working capital requirements are 15% of the projected sales increase. Debt will finance 45% of the aggregated investments in both net capital and working capital. The company has an 11% required rate of return on equity. What is the. firm's expected Free Cash Flow to Equity (FCFE) per share next year under these assumptions?

a. $1.64

b. $1.63

c. $0.38

d. $0.77