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Valence Electronics has 242 million shares outstanding. It expects earnings at the end of the year of S730 million, Valence pays out 40% of its earnings in total 15% paid out as dividends and 25% used to repurchase shares. If Valence's earings are expected to grow by 6% per year, these payout rates do not change and Valence's equity cost of capital is 8%, what is Valence's share price? O A $9.05 B. $60.33 C. $18.10 D. $48.26
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