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A. $31.69 B. $9.51 C. $25.35 D. $4.75

Valence Electronics has 243 million shares outstanding. It expects earnings at the end of the year of $770 million. Valence pays out 40% of its earnings in total - 15% paid out as dividends and 26% used to repurchase shares. If Valence's earnings are expected to grow by 6% per year, these payout ratas do not change, and Valance's equity cost of capital is 10%, what IS Valence's share price? $31.69 $9.61 $25.35 $4.75