Analysts Announced Estimated Earnings Per Share of $4 for the Coming

Analysts announced estimated earnings per share of $4 for the coming year for Toronto Skates Inc.The company plans not to pay any dividends for the next three years.For the subsequent two years,the company plans on retaining 50 percent of its earnings,and then 25 percent of its earnings from that point forward.Retained earnings will be invested in projects with an expected return of 20 percent per year.If the required rate of return is 12 percent,then the price is:

A) $48.48
B) $67.30
C) $57.50
D) $59.09