Sand Point Corporation's common stock recently paid a dividend of $1.23. Investors require a 16% rate of return on this stock. Sand Point earns a 20% return on equity. The firm pays 35% of its earnings as dividends, and reinvests 65% of earnings in the firm. What is the value of the stock? $41.00 $13.67 $52.00 $46.33 O $15.44