please show stepsValence Electronics has $233$ 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 $7\%$

per year, these payout rates do not change, and Valence's equity cost of capital is $8\%,$ what

is Valence's share price?

A$.$ $$121\mathrm{.}89$

B$.$ $$18\mathrm{.}28$

C$.$ $$36\mathrm{.}57$

D$.$ $$97\mathrm{.}51$