Panda Corporation is in a period of intensive growth. Last year, the company reported net income of $5 million. It is expected that net income will grow at an average rate of 35% over the next three years, then decrease to a constant growth rate of 5%, which the company can sustain its current 40% retention ratio policy. The return on equity (ROE) of the company is 10%, and the cost of equity is 15%. The company has 400,000 shares outstanding. What is the current share price? a) $225.51 b) $105.78 c) $201.23 d) $217.00 e) $158.67
