You are trying to value an all equity firm which is in a stable growth phase. The firms beta is 0.8. T-bond is 6%, the current EPS is $5, the current dividend payout ratio is 50% and the expected growth in earnings and dividends is 4%. The market return is 12%. What is the value of this firm? Select one: a. $38.23 b. $34.12 c. $25.25 d. $32.23