all parts please!

In an earnings announcement, XYZ corporation estimates it will pay $5 dividends next year, which represents 100% of its earnings. The required return of its investors is 12%. If the company decides to plow back 60% of the earnings at the firm's current return on equity of 15%. 1. What is XYZ corporation's present value of growth opportunity (PVGO)? 1. Calculate the PVGO for XYZ if the plow back ratio is 40% and 20%, respectively. 2. Given the results in 2), conclude the relationship between plow back ratio and the valuation of stock, and the relationship between plow back ratio and PVGO. 3. Rework you 1) and 2) with a new ROE of 10% and conclude how ROE affect PVGO