Question 8 1 pts You expect that Apple Inc. will have earnings per share of $2.70 for the coming year. Apple Inc. plans to retain all of its earnings for the next three years. For the subsequent two years, Apple Inc. plans on retaining 60% of its earnings. It will then retain only 15% of its earnings from that point forward. Retained earnings will be invested in the development of products such as AirTags, new MacBooks and iPads with mini-LED displays, and Apple Glasses. These investments will generate an expected return of 40% per year. If Apple's equity cost of capital is 16%, then the price of a share of Apple's stock is closest to $60.49 $49.49 $54.28 $68.96