Floating 100 million shares next month, new Millenium Company is undergoing its IPO in an industry where the average P/E ratio for similar firms is 15. It expects to pay steady annual dividends of $1.45 per share in each of the first five years, and projects earnings of $526 million by year 5. Risk-model pricing necessitates a 12% discount rate. Considering the projected cash flows from the firm and the P/E for the industry, what would be your estimate of the price per share that the investment bank should set for the stock's IPO next month? (Hint: Consider both the projected fifth year earnings estimate and the projected dividends IPO investors would receive.) A) $45.20 B) $49.17 C) $50.00 D) $78.90 E) Not enough information provided to generate an estimate.