Stanley Company Pays Out 35% of Its Annual Earnings to Its

Stanley Company pays out 35% of its annual earnings to its common shareholders in the form of a dividend.Earnings per share are expected to be $3.25 at the end of this year and are expected to grow at 2% per annum perpetually.If you require a return of 8% on this investment,how much are you willing to pay for the stock?

A) $18.96
B) $19.34
C) $43.55
D) $54.17
E) $55.25