Calculate the estimated price of a share, using relative valuation, given the following:

$$ Expected earnings per share $=$ R$5,50$

$$ Expected book value per share $=$ R$45,50$

$$ Price$/$earnings $($PE$)$ ratio $=7$

$($a $)$ R$6,50$

$($b $)$ R$38,50$

$($c $)$ R$45,50$

$($ d$)$ R$55,48$

$($e $)$None of the above