Use the following information to answer the following questions: You are analyzing a large, stable company. For the year ending 12/31/02, the company reported earnings of $58,900, and book value at the end of 2002 was $371,700. You expect earnings to grow at 5 percent a year in perpetuity, and the dividend payout ratio of 70 percent to continue. The company borrows at 8%, and has a cost of equity of 12%. The company has 25,000 shares outstanding. What is your estimate of price per share using the dividend discount model at 12/31/02? a. $20.62 b. $21.65 c. $23.56 d. $24.74 What is your estimate of price using the residual income valuation model at 12/31/02? a. $20.62 b. $21.65 c. $23.56 d. $24.72