Sultan Services has 1.3 million shares outstanding. It expects earnings at the end of the year of $5.10 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 5% per year, these payout rates do not change, and Sultan's equity cost of capital is 11%, what is Sultan's share price? A. $15.69 B. $23.54 C. $7.85 OD. $39.23