Stephens, Inc currently pays a $3 per share dividend, but is considering eliminating the dividend and using the savings to repurchase shares. Investments of similar risk to Stephens provide an after-tax return of 12%. Assume the marginal investor pays a 25% tax on dividends but only 10% on capital gains. What is the expected change in Stephen's Inc. stock price when management announces this change in payout policy? a. $0 b. $4.17 c. $20.83 d. $25.00