A firm with return on equity 20% and beta 0.9 just distributed all its earnings ($12 per share) as dividends. The expected market return is 15% and the risk-free rate is 5%. The firm can keep distributing all its earnings to shareholders each year or retain 25% for reinvestment. What is the price of the stock, if all earnings are distributed as dividends moving forward?

a. $64.3

b. $60

c. $85.7

d. $120

e. $71.4

f. $133.3