Kay Jay, Inc. is expected to pay its first ever annual dividend one year from now, based on an expected earnings per share of $2.50 and a payout ratio of 40%. Future earnings per share are expected to grow indefinitely at 4% per year, and Kay Jay is expected to maintain the 40% payout ratio. If Kay Jay's cost of equity capital is 15%, at what price should Kay Jay's stock to sell for today? Choose the closest answer. a. $9.09 O b. $9.45 O c $12.00 O d. 17.68 O e. $12.48 Of $8.00 18.75 Og