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Chittenden Enterprises has 637 million shares outstanding. It expects earnings at the end of the year to be $960 million. The firm's equity cost of

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Chittenden Enterprises has 637 million shares outstanding. It expects earnings at the end of the year to be $960 million. The firm's equity cost of capital is 9% Chittenden pays out 30% 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 5% per year, what is Chittenden's share price? O A $3.39 OB. $5.65 C. $11.30 OD. $22.60

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