3. The annual earnings of BouncingBall Tennis will be $5 a share in perpetuity if the rm makes no new investments {and therefore pays out all its earnings as dividends}. Bouncingall has a onetime opportunity, occurring three years from now, to invest 25% of its earnings {at that time} in a new project. For each dollar invested, earnings will he $3.41] higher in each subsequent year [in perpetuity) than they would have been otherwise. Assume that the discount rate is 14%. {a} 1|What is the price per share of BouncingBall Tennis stock today, without making the new investment? {b} What is the price if the new investment is made