1. Balance Sheets and DDM Consider the following information about Hardwick Industries Table 1: Abbreviated Income Statement of Hardwick Industries (a) What is the earnings per share and the dividends per share of the above firm in both 2017 and 2018 . (b) What is Hardwick Industries' plowback ratio for both 2017 and 2018? (Percent of earnings not paid back as dividends) (c) Using an ROE of 11% and the plowback ratio that you calculated in part (b), Assume that the risk free rate is 3% and Hardwick industries has a beta under CAPM of 1.2 with a market risk premium of 10%. What would the price be assuming sustainable constant growth? (d) Now suppose due to a new investment plan you think that Hardwick industries dividends and earnings will grow at 30 percent for two years then settle down to the growth rate you calculated in part (c). What should the price of the equity be