6. Suppose NPI's return on investment on all retained earnings reinvested were 12% instead of the 16% assumed in the previous problem. (Continue to assume year 1 earnings of $16 million.) a. b. What is the new value of NPI? If the dividend payout ratio were increased from 0.50 to 0.75, what would happen to the growth rate and value of NPI? Suppose the payout ratio were decreased to 0.25, how would growth and value change? What would happen to growth and value if the rm stopped reinvesting any earnings and instead paid out all earnings as dividends (100% payout ratio or 0% retention ratio)