Valence Electronics has 246 million shares outstanding. It expects earnings at the end of the year of $710 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 5% per year, these payout rates do not change, and Valence's equity cost of capital is 8%, what is Valence's share price? O A. $5.77 B. $30.78 O c. $11.54 OD. $38.48