Kay Jay, Inc, is expected to pay its first ever annual dividend one year from now, based on an expected earnings per share of $4.20 and a payout rato of 40%. Futur eamings per share are expected to grow indefinilely at 6% per year, and Kay Jay is expected to maintain the 40% payout ratio. if Kay Jay's cost of equily capital is 15 . 50%, at what price should Kay Jays stock to sell for today? Choose the closest answer. a. 17.68 b. $12.48 c. $8.00 d. 18.75 e. 5900 f, $1200 g. $9.46