Chittenden Enterprises has 473 million shares outstanding. It expects earnings at the end of the year to be $890 million. The firm's equity cost of capital is 11%. Chittenden pays out 45% of its earnings in total: 20% paid out as dividends and 10% used to repurchase shares. If Chittenden's earnings are expected to grow at a constant 2% per year, what is Chittenden's share price?

$9.41

$9.24

$8.47

$10.04