Sultan Services has 1 million shares outstanding. It expects earnings at the end of the year of $5.00 million. Sultan pays out 60% of its earnings in total - 40% paid out as dividends and 20% used to repurchase shares. If Sultan's earnings are expected to grow by 7% per year, these payout rates do not change, and Sultan's equity cost of capital is 11%, what is Sultan's share price?

a) $15.00 b) $75.00 c) $45.00 d) $30.00