5. (2 points) An investor gathers the following data: Year Earnings per share ($) Dividends per share ROE ($) 2014 3.20 1.92 12% 2013 3.60 1.80 17% 2012 2.44 1.71 | 13% 2011 2.50 1.60 15% To estimate the stock's justified forward P/E, the investor prefers to use the compounded annual earnings growth and the average of the payout ratios over the relevant period i.e., 2011-2014). What would be the stock's justified forward P/E if the investor uses 11.5% as her required rate of return