assume an analyst is evaluating a firm with $1,000 of book value of common equity and a cost of equity equal to 12 percent. Assume that the analyst forecasts that the firm will earn ROCE of 18% until year 2015, when the firm will start earning ROCE equal to 12%. The company pays no dividends and will not engage in any stock transactions. Use this information to complete the following table and calculate the firm's value to book (VB) ratio.

Year	Expected ROCE	Residual ROCE	Cumulative BV Growth Factor to Year t-1	Residual ROCE x Cumulative Growth	Present Value Factor	PV of Residual x Cumulative Growth
2011	.18				.8929
2012	.18				.7972
2013	.18				.7118
2014	.18				.6355
2015	.12				.5674

Fill in the table and calculate the V/B Ratio.