Shore Services has 1.5 million shares outstanding. It expects earnings at the end of the year of $6.0 million. Shore pays out 60% of its earnings in total: 40% paid out as dividends and 20% used to repurchase shares. If Shore's earnings are expected to grow by 5% per year, these payout rates do not change, and Shore's equity cost of capital is 10%, what is Shore's share price? $12. $24 $60 $48 $72 $36