$3.00 dividend per share on its common stock this Dividenda are The Xero Company paid This dividend represented a 40% payout ratio. ast year. expected to grow at expected to grow at a 10% growth rate during the next three years. ratio is expected to remain at 12. a 6% annual compound growth rate while earnings are The P/E (a) If a return of 12% is required during the next three years, what is a fair price today for each share of common stock? () If the common stock was selling instead for $85.00 tod ay (rather than your answer in part ( a), what is the minimum price the investor could accept at the end of the third year and still earn the required 12% (AsBume everything else above except the P/E ratio remains the return? same.)