You Expect KT Industries (KTI)will Have Earnings Per Share of $3

You expect KT Industries (KTI) will have earnings per share of $3 this year and expect that they will pay out $1.50 of these earnings to shareholders in the form of a dividend. KTI's return on new investments is 15% and their equity cost of capital is 12%. The value of a share of KTI is closest to:

A) $20.00
B) $39.25
C) $33.35
D) $12.50