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Valence Electronics has 220 million shares outstanding. It expects earnings at the end of the...

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Valence Electronics has 220 million shares outstanding. It expects earnings at the end of the year of $720 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 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. $9.82 B. $19.64 OC. $52.36 OD. $65.45

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