TSA Inc reported earnings per share of $12.80 in 2021 and paid dividends per share of $6.48 in that year. The firm is expected to report an earnings growth of 20% in 2022, after which the growth rate is expected to decline linearly over the following 8 years to 6%. The stock was expected to have a beta of 1.20. The Treasury bond rate is 3.0% and the risk premium is 6.5%. Estimate the value of the stocks high growth

a) Below $100 b) Between $100 and $200 c) Between $200 and $250 d) Above $250