9. Your research on AAR Corp shows the following data for current year: Beta 2.0, ROE 16%, EPS $10. The risk free rate is 3%, expected return of the market is 9%. Assume the company will keep the same ROE forever. If the dividend payout ratio is 100%, what will be the non-growth stock price? If the firm changes the payout ratio to 40%, what will be the stock price? Based on the previous answers, what is the present value of the growth opportunity (PVGO)?