A firm earned $484 million in 2021 on a beginning book value of common equity of $2,600 million. The firm paid no dividends and had no stock transactions during that year. It has a required return for its equity of 12%. At the end of 2021, its shares traded at a trailing P/E of 15.0. a) What growth rate in future residual earnings is implied by this P/E ratio of 15.0? b) At this growth rate, what is the return on common equity forecasted for 2022?