BNICE today expects to earn $12 per share every year if all earnings are returned to the shareholders. However, the company considers to retain 30% beginning 2 years from today (at t-2) and will continues thereafter. This opportunity has a potential ROE of 12% starting one year after the investment is made, the required rate of return is 15%. a Calculate the value of the company's stock as CASH COW (no Growth) b. Calculate the NPV of the Growth opportunities c. Calculate the value of stock if the company invests in this growth opportunity