All-equity company X has ROE of 15%. Its required rate of return is 12%. It has retention ratio of 60%. Expected dividend payment next year is $3 per share. The firm is priced correctly under Gordons model. One or more of the statements below has an error. Find the first statement with an error.

	1.	The dividend growth rate is 9%
	2.	Market price per share is 100
	3.	Earnings per share is expected to be $3/0.6 = $5
	4.	The No-Growth Value of the firm is 5/0.12 = 41.67
	5.	PVGO = 100 41.67 = 58.33