Aaron Inc. has 340 million shares outstanding. It expects earnings at the end of the year to be $550 million. The firm's equity cost of capital is 12%. Aaron pays out 50% of its earnings in total: 30% paid out as dividends and 20% used to repurchase shares. If Aaron's earnings are expected to grow at a constant 7% per year, what is Aaron's share price?

a. $32.36

b. $16.18

c. $8.09

d. $24.27