SuperMaxi is an ice-cream company that expects earnings per share of $2 for the coming year (year 1). Its managers plan to retain 75% of its earnings for the next two years (years 2 and 3). They will then retain only 20% of its earnings from that point forward. Retained earnings will be invested in projects with return-on-equity of 15% per year. If managers require a stock return of 8%, then the price of the share is:

A 39.48

B 25.10

C 34.89

D 27.82

E 36.54