b$)$ Sanny Limited's stock has a beta of $0\mathrm{.}9.$ The company last paid a dividend of $$2\mathrm{.}40,$ and it expects a constant growth rate of $6\%$ in dividends per share, earnings and stock price. The current risk$-$free rate is $5\%,$ and the market risk premium is $8\%.$

i$.)$ What is the company's equilibrium stock price?

$(4$ Marks$)$

c$)$ What is the relevance of the efficient market hypothesis to the investing public?