Havorsham Inc. has 155 million shares of stock outstanding and reported $55 Million in net income this past year. They plan on retaining all of their net income to fund next year's development programs. Their VP of Product Development has estimated that these new programs will require over $80 Million in R&D funding to be able to make it to the market in time to capitalize on new customer interest. The decision to issue a new equity offering has been made by executive management. Current PE ratio's for their industry appear to fluctuate between 18 and 21. Using the Method of Multiples the range of stock share price that will likely attract investors, is closest to: $ 2.90 - $ 3.39 $ 6.39 - $ 7.45 $ 9.43 - $ 11.00