ART has come out with a new and improved product. As a result, the firm projects an ROE of $25\%,$ and It will maintain a plowbeck ratlo of $0\mathrm{.}20.$ Its earnings this year will be $$4\mathrm{.}0$ per share. Investors expect a $12\%$ rate of retum on the stock. What price do you expect ART shares to sell for in $4$ years?

Multple Cholce

$$53\mathrm{.}57$

$$52\mathrm{.}92$

$$55\mathrm{.}57$

$$49\mathrm{.}38$