Q11) Billings Supplies had earnings per share of $3 this year. It retains all of its earnings, allowing its earnings to grow at 12% a year. However, after the third year of earnings, it will retain only 50% of its earnings and earnings growth will be 6% constantly. (Its first dividend will be paid four years from now.) Its stocks' required rate of return is 8%. What should the price of the stock be? A) $88.66 B) $77.36 C) $78.35 D) $95.86 E) $83.31