NORDAM Group, a firm that specializes in the design and manufacturing of aircraft components, has 150 million shares outstanding and analysts expect NORDAM to have earnings of $450 million this coming year (t-1). NORDAM plans to pay out 55% of its earnings in dividends and they expect to use an additional 15% of their earnings to repurchase shares. NORDAM's equity cost of capital is 11%. Its earnings are expected to grow at a rate of 3% per year and these payout rates are expected to remain constant. What is the value of one share of NORDAM stock today? a. $26.25 b. $20.63 c. $5.63 d. $2.10 e. $37.50 f. None of the above answers is within $0.25 of the value of one NORDAM share