9. A firm is currently earning $1250 million and its share is selling at a market price of 180. The firm has 100 million shares outstanding and has no debt. The earnings of the firm are expected to remain stable, and it has a payout ratio of 100 per cent. What is the firm's earnings-price ratio? What is firm's the cost of equity? If the firm's payout ratio is assumed to be 75 per cent and that it earns 16 per cent rate of return on its investment opportunities, then what would be the firm's cost of equity?