Valence Electronics has 219 million shares outstanding. It expects earnings at the end of the year of S710 million. Valence pays out 40% of its earnings in total - 15% paid out as dividends and 25% used to repurchase shares. If Valence's earrings are expected to grow by 5% per year, these payout rates do not change, and Valence's equity cost of capital is 9%, what is Valence's share price? O A. $4.86 OB. $9.73 OC. $32.42 OD. $25.04