Transcribed image text: Valence Electronics has 221 million shares outstanding. It expects earnings at the end of the year of $850 million. Valence pays out 40% of its earnings in total - 15% paid out as dividends and 25% used to repurchase shares. If Valence's earnings are expected to grow by 6% per year, these payout rates do not change, and Valence's equity cost of capital is 10%, what is Valence's share price? OOO A. $38.46 B. $30.77 OC. $11.54 D. $5.77