You have gathered the following information over the past five years for the Aztec Company:

	2018	2019	2020	2001	2002
Year-end common stock price	56.31	45.72	57.45	58.22	60.32
Annual dividend per share (DPS)	0.23	0.26	0.31	0.37	0.39
Annual earnings per share (EPS)	2.00	2.00	2.25	2.40	2.45
P/E ratio	28.16	22.86	25.53	24.26	24.62

Aztec currently has a stock beta of 1.94, the expected return on the market is 10 percent, and the U.S. T-bill rate is 5 percent.

The expected price of the stock based upon the P/E price ratio is

a.

$26.39

b.

$30.57

c.

$61.46

d.

$63.06

e.

$64.66