You have gathered the following information for a company:

Income Statement Year Ended June 30, 2022

Net income 12

Dividends 0

Balance Sheet As of June 30, 2021

Total assets 100

Total shareholders' equity 50

You expect this company to maintain constant return on equity, payout ratio, and mixture of debt and equity in perpetuity. Based on this information, what book value of equity would you expect this company to report on June 30, 2023?

A. Between 50 and 60

B. Between 60 and 70

C. Between 70 and 80

D. Between 80 and 100

E. More than 100