15. It is now 31 December, 2014. Wayne- Martin Electric Inc. (WME) has just developed a solar panel capable of generating 200% more electricity than any solar panel currently on the market. As a result, you expect that WME will experience a 20% annual growth rate of earnings for the next 2 years and 15% for the subsequent 3 years. By the end of 5 years, you believe that other firms will have developed comparable technology, and WME's growth rate will slow to 5% per year indefinitely. You estimate that the required return on the WME's shares is 12%. WME just reported its annual earnings of $10.00 per share. WME follows a policy of maintaining constant dividend payout ratio of 20% and pays dividends on the last day of each year based on reported earnings. a) What is WME's dividend per share for 2014? b) Using a dividend growth model, estimate the value of one WME share today