Sanders, Incorporated, paid a $3 dividend per share last year and is expected to continue to pay out 60% of its earnings as dividends for the foreseeable future. If the firm is expected to generate a 12% return on equity in the future, and if you require a 14% return on the stock, the value of the stock is __________.

A.) $47.29

B.) $30.57

C.) $16.72

D.) $34.17