Hancock inc. retains most of its earnings. the company currently has earnings per share of $11. hancock expects its earnings to grow at a constant rate of 2 percent per year. furthermore, the average pe ratio of all other firms in hancock's industry is 12. hancock is expected to pay dividends per share of $3.50 during each of the next three years. if investors require a 10 percent rate of return on hancock stock, a fair price for hancock stock today is ) 113.95
b) 111.32
c) 131.49
d) none of the above