3. IBM recently traded for $115 per share. Analysts consider its P.E. ratio (Price-earnings ratio, Po/EPS,) to be 27. If a discount rate of 12% is considered appropriate for IBM shares, (a) what fraction of the price of a share can be attributed to its future growth opportunities (PVGO/P.) ?(3 points)? (b) If IBM decides on a policy of growing their dividends forever at a constant rate of 10%/year, what dividend policy would you recommend (payout ratio, DIV,/EPS,) (3 points)