Shirley's Sandwiches expects earnings per share of this year (at t=1) of $18.26. The company has a large number of good projects and plans to reinvest all earnings with a return on new investment of 19.8%. This will continue until t=8. At that point, the firm expects to have fewer good projects. It will, therefore begin paying a dividend of 53% of earnings (the first payment at t=8), with all remaining earnings reinvested with a return on new investment of 6.7%. The payout ratio and return on new investment is expect to stay constant forever. If Shiriey's cost of equity capital is 19.2%, what is the current price of the stock? O a. $64.94 ob. 558,47 OG $60.52 O d. $67.19 oe $62.45