(a) One method is to take recent earnings and assume they grow by a fixed rate. How would you use this information to value the firm? For this method give a formula and explain how it is derived. (b) Explain the limitations of the growth model used in (a). (c) Analysts often talk about using P/E ratios to value stocks. Why? Use your answers in parts (a) and (b). (d) What are the limitations in using current and past accounting information to compute earnings? Explain.