Sultan Services has

$1\mathrm{.}41\mathrm{.}4$

million shares outstanding. It expects earnings at the end of the year of

$ $5\mathrm{.}50$$$5\mathrm{.}50$

million. Sultan pays out$60\%$ of its earnings in total$-40\%$ paid out as dividends and$20\%$ used to repurchase shares. If$$ Sultan's earnings are expected to grow by

$77\%$

per$$ year, these payout rates do not$$ change, and$$ Sultan's equity cost of capital is

$1111\%,$

what is$$ Sultan's share$$ price?

Question content area bottom

Part $1$

A$.$$ $23\mathrm{.}57$

$ $23\mathrm{.}57$$$23\mathrm{.}57$

B$.$$ $35\mathrm{.}36$

$ $35\mathrm{.}36$$$35\mathrm{.}36$

C$.$$ $58\mathrm{.}93$

$ $58\mathrm{.}93$$$58\mathrm{.}93$

D$.$$ $11\mathrm{.}79$

$ $11\mathrm{.}79$$$11\mathrm{.}79$