b

Aaron Inc. has 311 million shares outstanding. It expects earnings at the end of the year to be $609 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 5% per year, what is Aaron's share price? O A $20.99 B. $7.00 C. $13.99 D. $27.98