2. Consider a rm with yearend earnings per share projected to be $1110 and a required rate of return of 12%. The rm is expected to have two high growth phases and then stabilize at a long run growth rate as outlined in the table below. Initially, the plowbaek ratio (3)) is high but then it declines in two steps to a steady state value. What is the value of a share of this company's stock? Phase Duration Assumptions Endofphase earnings I 5 years g =18%, b = .7 $1 X (1.18}4 II 4 years 9 =12%, h = .55 $1 X (1.18}4 X (1.12}4 III Perpetual g = T%, b = A _ _ _