An analyst gathered the following data about a company: The historical earnings retention rate of 40% is projected to continue into the future. The sustainable ROE is 12%. The stock's beta is 1.2. The nominal risk-free rate is 6%. The expected market return is 11%. If the analyst believes next year's earnings will be $4 per share, what value should be placed on this stock? A) $22.24. B) $33.32. C) $45.45.