Regency Co. has a current book value of $13.00 per share and no dividends has been paid. The most recent earnings per share were $3.92 and earnings are expected to grow at 4.5% forever. Stock's beta is 1.25, T-bill rate is 3.2% and S&P 500 return is 13.5%. Assume the clean surplus relationship is true. Assuming the company maintains a constant retention ratio, what is the value of the stock according to the residual income model? $47.10 $30.33 $55.20 $41.60