4. Lewin Skis Inc expects to earn $4 per share (EPS) for each of the future operating periods (beginning at time 1) if the firm makes no new investments and returns the earnings as dividends to the shareholders (pays out all earnings as dividends). However, the CEO has discovered an opportunity to retain (and invest) 25% of the earnings beginning three years from today (time t-3 will invest). This opportunity to invest will continue (each period) indefinitely. It is expected that the new investment will earn 40% (per year), beginning one year after each investment is made. The firm's equity cost of capital is 14% regardless of the investment. a. What is the price per share (now at time 0) of Lewin Skis Inc. stock without making the new investment? b. If the new investment is expected to be made, per the preceding information, what would the value of the stock (per share) be now (at time 0)?