Sultan Services has 1.2 million shares outstanding. It expects earnings at the end of the year of $5.70million. 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.

$14.25

B.

$71.25

C.

$42.75

D.

$28.50