Valence Electronics has 201 million shares outstanding. It expects earnings at the end of the year of $720 million. Valence pays out40% of its earnings in total- 15% paid out as dividends and25% used to repurchase shares. IfValence's earnings are expected to grow by 6% peryear, these payout rates do notchange, andValence's equity cost of capital is 8%, what isValence's shareprice?

A.

$21.49

B.

$10.75

C.

$57.31

D.