you expect that apple inc. will have earnings per share of $3.70 for the coming year. apple inc. plans to retain all of its earnings for the next three years. for the subsequent two years, apple inc. plans on retaining 60% of its earnings. it will then retain only 15% of its earnings from that point forward. retained earnings will be invested in the development of products such as airtags, new macbooks and ipads with mini-led displays, and apple glasses. these investments will generate an expected return of 35% per year. if apple's equity cost of capital is 16%, then the price of a share of apple's stock is closest to .
a. $43.45
b. $61.76
c. $86.92
d. $56.55